Compound v2 is Live
Transparent, fair, autonomous interest rate markets for all
Today, we’re thrilled to announce the public launch of Compound v2, an interest rate protocol intended to power the financial markets & applications of the future.
Supplying liquidity to Compound is better than ever. Each market has its own cToken (cETH, cZRX…), which you’ll receive when you supply that asset to the protocol; cTokens represent your balance in Compound. View them in your wallet, program them, or send them to cold storage — it’s up to you!
Simply by holding cTokens, you’ll earn interest, which accumulates through the cToken’s exchange rate — over time, each cToken becomes convertible into an increasing amount of its corresponding token.
Compound is a Protocol
Compound is an open-source, autonomous, extensible protocol that runs 24/7 — perfect for developers looking to build products that help users earn interest, or finance their ambitions. We’re honored to launch with a few projects that have already integrated Compound v2:
Zerion is a portfolio monitoring & management tool for open finance, and allows users to seamlessly earn interest.
Coinbase Wallet is the easiest way to interact with Ethereum applications, and has integrated cToken balances.
Compound Interface is our full-function product to interact with the Compound protocol, using Metamask or a web3 browser.
Opyn is a decentralized margin trading platform built on Compound, Uniswap, and Dai. It allows users to go long or short their favorite Ethereum assets.
InstaDapp provides a convenient Supply and Borrowing interface to Compound, alongside CDP and Uniswap support.
Migrating to Compound v2
Compound v2 was audited by Trail of Bits, and the protocol was formally verified in partnership with Certora. As with all smart contract platforms, there may be undiscovered issues — Compound offers a significant bug bounty, if you find anything amiss.
At your convenience, we recommend that you migrate to Compound v2 using these steps:
- Repay borrowed assets to v1
- Withdraw supplied assets from v1 (and unwrap WETH)
- Supply assets to v2
- Borrow assets from v2
The original protocol will continue to be accessible through its Ethereum smart contracts, the legacy web interface, and manual operation. Over the next 4–8 weeks, borrow transactions will become disabled, while supply, withdraw & repay transactions will work in perpetuity.
If you have any questions, ideas, or issues, join us in Discord — we’d love to hear from you.
From all of us at Compound, 📈.