Compound Labs, Inc., a creator of decentralized finance (DeFi) lending service Compound Finance, has presented its own distributed ledger called Compound Chain.
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According to the project's whitepaper, the blockchain network is focused on transferring value & liquidity between peer ledgers. With its own blockchain, Compound Labs wants to bring more assets into the protocol from a variety of ledgers, including Polkadot, Quorum, Celo, Optimism and Solana.
The Compound Chain will also use its native unit of account called CASH. Users can use CASH to pay transaction fees on Compound Chain. The developers say they are actively building a testnet implementation with a limited feature set that might be launched in Q1, 2021. Documentation for developers and validators will be available in the coming weeks.
In August 2020, Compound launched its own decentralized price oracle. The developers decided to engage Open Zeppelin, a blockchain-focused consulting firm, to audit the proposed price feed and Certora to specify formal verifications of properties of the contracts as a part of the migration to the Open Price Feed.
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