The Compound governance token will be available for distribution to all users of the Decentralized Finance Protocol (DeFi) from 15 June.
According to a Compound tweet on June 10, the lending platform responsible for the important DeFi protocol completed a testnet test of its COMP token as part of a government proposal to distribute the token to its users.
Compound puts into practice the historical proposals of government promoted by the community
This allowed the Compound community to approve the proposal – 007, with no apparent connection to James Bond – on June 14. The lending platform will start distributing 1,116,310.81 COMP in the markets „ETH, DAI, USDC, USDT, BAT, REP, WBTC and ZRX, proportional to the interest accumulated in the market“ on June 15.
„Within each market, half of the Bitcoin Revolution is allocated to suppliers and half to borrowers“, the proposal states. „Every time a management interacts with a compound market, it receives all the COMPs obtained in that market, in case it exceeds the threshold of 0.001 COMP‘.
Coinbase Wallet integrates support for DeFi loan applications
Close ties with Coinbase
In March, Cointelegraph reported that Coinbase’s integrated support for the DeFi Compound protocol in its wallet application. The approval of its recent governance proposal comes as the total number of DeFi users is increasing and is expected to reach 600,000.
DeFi records „exponential“ asset growth
The crypto currency exchange announced on June 10 that it would support the COMP token and 17 others in the near future.