THELOGICALINDIAN - Compound Finance is alive on a new blockchain that will abutment crosschain DeFi apps
Compound Finance has appear a whitepaper for a new blockchain and badge alleged Compound Chain and CASH, respectively.
Compound’s New Blockchain and Token
According to a afresh appear whitepaper, the anon to be launched Compound Chain will be acclimated for autumn and appointment crypto assets beyond assorted blockchains. Currently, the DeFi agreement uses alone Ethereum for its DeFi platform.
The aggregation said its new activity would break the Ethereum-based limitations of the protocol.
Compound Finance currently supports one of the better decentralized borrowing markets on Ethereum. However, its agreement cannot abutment non-Ethereum assets, which the aggregation said banned DeFi applications.
According to the team, the new alternation will attack to alteration clamminess beyond “peer chains,” which accommodate ETH2.0, Polkadot, Solana, Quorum, Celo, and abounding others.
“It [Compound Chain] is advised to accompaniment the Ethereum contracts, be controlled by Compound governance, and extend DeFi arrangement effects,” the Compound aggregation said on Twitter.
The new blockchain will host a built-in badge alleged CASH, a collateralized stablecoin (similar to DAI), acclimated to pay fees to block validators.
While fees will be paid application the built-in token, COMP tokens will administer the blockchain.
The aggregation added that it is alive on a testnet accomplishing with bound appearance that may appear out in Q1 2024.
