Compound Community Proposes Launching Compound v3 on Arbitrum
On February 28, according to the information on the relevant pages, the Compound community initiated a proposal to deploy Compound v3 to Arbitrum. The proposal…
On February 28, according to the information on the relevant pages, the Compound community initiated a proposal to deploy Compound v3 to Arbitrum. The proposal was initiated by Penn Blockchain (Franklin DAO). According to the proposal, from the perspective of TVL and real-time dApp data, Arbitrum is the leading Ethereum Layer2 network, and deploying Compound v3 to Arbitrum will be an important step in the development of the protocol.
The Compound community initiated a proposal to deploy Compound v3 to Arbitrum
Interpretation of the news:
The message informs readers that on February 28, the Compound community proposed to deploy Compound v3 on the Arbitrum network. The proposal was initiated by Penn Blockchain (Franklin DAO). The post highlights that Arbitrum is a leading Ethereum Layer2 network in terms of TVL and real-time dApp data, and therefore the deployment of Compound v3 on Arbitrum is deemed as a significant step in the protocol’s development.
Compound v3 is a major upgrade to the current Compound protocol. It introduces several new features such as the ability to borrow assets with multiple collateral types, allowing users to create custom price feeds, and integrating with other DeFi platforms. The deployment of Compound v3 on Arbitrum would enable the network to benefit from the new features and increase its appeal to users.
Arbitrum is a Layer2 scaling solution built on Ethereum. The network uses Optimistic Rollup technology to enable faster and cheaper transactions while maintaining the security of the Ethereum blockchain. Arbitrum already hosts several applications, including Uniswap, which has seen significant growth in popularity since its launch on the network.
TVL or Total Value Locked refers to the total amount of assets locked in a DeFi protocol. A higher TVL highlights the popularity and adoption of the protocol, indicating that users trust the platform and find it valuable. Therefore, the Compound community’s decision to deploy Compound v3 on Arbitrum highlights its confidence in the network and its potential.
In conclusion, the proposal to deploy Compound v3 on Arbitrum marks an important step for the Compound protocol’s development. The decision highlights the growing importance of Layer2 networks in DeFi and the potential they offer for faster and cheaper transactions. This move is likely to increase Compound’s appeal to users and help the protocol maintain its position as one of the leading players in the DeFi space.
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