Compound Governance Deploys Compound III on Polygon

03/08/2023 22:01 • Digital Disruptors • 95 views

According to the report, Compound Governance issued a document saying that Compound III has been deployed to Polygon, and users can now use WETH, WBTC and MATIC as collateral to borrow from USDC, leading the market in efficiency.

Compound III has been deployed to Polygon, and users can use WETH as collateral to borrow USDC

Analysis based on this information:

Compound Governance, a decentralized autonomous organization responsible for the Compound protocol, has announced that Compound III has been deployed to Polygon. The new deployment allows users to use WETH, WBTC, and MATIC as collateral to borrow from USDC. The move is expected to lead the market in efficiency as users will now have access to more assets as collateral, making borrowing more accessible.

Polygon, a blockchain platform that aims to provide faster and cheaper transactions, has seen increased adoption in recent months, with more DeFi protocols, such as Aave and SushiSwap, integrating with Polygon to reduce gas fees and improve transaction speeds.

The deployment of Compound III on Polygon is a significant development for both the Compound protocol and the Polygon network. Compound III is designed to improve the efficiency and simplicity of the Compound protocol, making it easier for users to borrow and lend cryptocurrencies.

The decision to deploy Compound III on Polygon is likely due to the network’s growing popularity and the need for the Compound protocol to provide users with access to cheaper and faster transactions. Additionally, Polygon provides a more diverse range of assets for users to use as collateral, making borrowing more accessible for a wider range of users.

The use of WETH, WBTC, and MATIC as collateral for borrowing from USDC is a clever strategy. WETH and WBTC are stablecoins that are pegged to the price of ETH and BTC, making them less volatile than other cryptocurrencies. MATIC, on the other hand, is the native cryptocurrency of the Polygon network, making it an ideal collateral asset for users borrowing from the network.

In conclusion, the deployment of Compound III on Polygon is a significant development that will improve the efficiency and accessibility of the Compound protocol. The use of WETH, WBTC, and MATIC as collateral will make borrowing more accessible to a wider range of users, making the Compound protocol a more inclusive and efficient platform for DeFi activities.

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Compound Governance Deploys Compound III on Polygon

Compound III has been deployed to Polygon, and users can use WETH as collateral to borrow USDC

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