Compound Labs Launches Compound III Lending Protocol

Compound Labs officially released a new source code for the multi-chain lending protocol called Compound III.

On June 29, Compound Labs, the developer behind the leading lending protocol on Ethereum, Compound (COMP), released the new source code for the Compound III multi-chain lending protocol.

Since a few months ago, the project has been discussing multi-chain plans, putting Compound on all Ethereum Virtual Machine (EVM) compatible chains as well as performing thorough checks of the integrity of assets. mortgage property. Certora Prover detected and promptly prevented a critical security flaw in Compound’s V3 prior to code deployment.

Compound III is positioned as a lending protocol that both meets abundant capital and ensures affordable, secure, and easy-to-manage transaction fees for users. Jared Flatow, Vice President of Engineering at Compound Labs said in the announcement that the platform will hold a single loanable base asset, the remaining assets will be considered collateral, to reduce risks and improve capital efficiency.

Although the new source code has been made public, the project has not been officially released yet. However, it is also marked as an important step in making multi-chain decentralized lending a reality.

Jared Flatow stated in the announcement:

“Developers can begin planning integrations with Compound III, and auditing or suggesting improvements to the codebase.”

In the coming weeks, the Compound Labs looks forward to working with the community to complete the protocol audit; learn from the current testnet; release initial implementation on Ethereum with necessary interfaces, liquidation bots, and tools; as well as start deploying on other EVM chains.

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