Compound’s Woes Deepen at The Back Of New Bug Bite

Leading Decentralized Finance (Defi) Protocol Compound is staring at heavy losses following a bug bite. The firm's chief, Robert Leshner, has revealed it in a series of tweets. Also, Leshner blamed the firm's woes on an upgrade that went wrong. Compound has recently updated its Comptroller Contract. The Proposal 062 update manages how the protocol rewards its stakers. A bug in the upgrade has seen the contract wrongfully allocate its users staking rewards in COMP tokens. The news won't be…

A Complete Guide on How to Farm Yields (Yield farming)

Every crypto user, including the beginner, has met with the word DeFi, an acronym for Decentralized Finance. DeFi consists of an ecosystem of Financial applications developed on top of blockchains. DeFi introduces investors' aspect, making returns on the value of their assets through yield farming markets. Yield farming, also known as liquidity mining, is where crypto holders lend cryptocurrencies and get fees and interests as returns in the process. Just like when an individual deposits some amount into the bank's…

Compound Dominance in DeFi Surpasses MarkerDAO after COMP Token Distribution Began

MarkerDAO has been the dominant platform in DeFi. However, recent data suggest that Compound has surpassed MarkerDAO in terms of DeFi dominance. Before the COMP distribution began last week, there was $97.7 million on Compound as against $480.5 million on MarkerDAO. However, as of June 21, Compound had $595.4 million worth of COMP tokens locked in DeFi, as against $442.8 million for MarkerDAO, according to DeFi Pulse. Last week, Compound users began earning the platform’s new governance tokens, COMP for…

Compound Implements Community-Driven Governance Proposals

Last week, Decentralized finance (DeFi) protocol known as Compound was able to implement its initial two community-driven governance proposals. The launching of the protocol’s governance token (COMP) aimed at the facilitation of community-driven protocol upgrades and development is on the way. First Governance Proposal For Compound The community was given the opportunity to choose the assets they want to be added to Compound in September last year and most people chose Maker (MKR) and Tether (USDT). Hence, based on the…

Crypto Compound Finance 101: Here’s Everything You Need to Know

The crypto space has, in recent times, witnessed a surge in decentralized finance platforms with crypto compound finance being the latest innovation, and that has grown incredibly in the past year. In the crypto space, compound finance refers to an algorithmic, open-source protocol that creates money markets, currently mostly on the Ethereum blockchain. In other words, a compound can be defined as a fully automated, decentralized money market protocol. Compound finance allows users and applications to access the financial platform…