The Compound landing project has announced its readiness to launch the third version of the protocol called Comet.
The first deployment of Compound III is a USDC market on Ethereum. The contracts are on mainnet, and can be activated by Compound Governance.
The next-generation borrowing protocol is approaching launch 📈https://t.co/DkcjiqTgoS
— Compound Labs (@compoundfinance) August 15, 2022
According to the developers, the update marks the transition of the platform to a multi-chain approach.
Compound Labs Senior Software Engineer Kevin Cheng noted that Comet's first implementation will be a market based on the USDC stablecoin. It will then add support for five crypto assets also available as collateral: WBTC, WETH, UNI, LINK, and COMP.
Cheng stressed that the final versions of the new smart contracts are ready for real-time deployment. They were audited by OpenZeppelin and ChainSecurity.
The launch of Comet will take place as soon as the DAO makes the appropriate decision.
Recall that in March, the Compound community voted to halve the rewards in native COMP tokens.
What is Compound?