There is a lot of stuff happening in the Compound and DeFi Ecosystem in terms of governance, community development, and new product launches.  Bootstrapping is a process in which an entrepreneur starts a company with little capital.  And, the Compound Protocol looks something like that.

Leshner recently stated, today, there is $10 Billion supplied to the Compound protocol, earning interest. When we first build Compound, this number was a fantasy; Defi was not a term; and the idea of a smart contract autonomously managing assets was almost absurd.

DeFi is one area in decentralized finance and it makes it possible for crypto entrepreneurs to liven up traditional financial instruments in decentralized architecture and this happens outside the control of the government and companies.

In this process, large networks of computers control the lending process.  There is no interference from central authorities.  The major mission of DeFi is to reconstruct the banking system for the whole world in a permissionless and open way. 

People who first found DeFi interesting were those with a Libertarian steak as there has been improved capital efficiency for borrowers.

The Compound Bounty

The compound composability bounty is the most useful, original, and new financial application.  And, the important of all, the project should be built on the Compound Protocol.  And, the winner in the process will be getting $5000 of cUSDC!

For clarity, anyone who is just starting out with Compound, should start with understanding the developer infrastructure that they are running.  Also, there are Hackathon Bounties, the developer resources help users to get started, and the Dev Workshop add to get a quick jump start.

Compound helps developers to incorporate interest rates for Ethereum assets.  It is decentralized, it is something that enables, developers to incorporate interest rates, for Ethereum assets in to their application.

So, your users can supply assets through the protocol and they can earn an interest APY on the assets, when they are in the protocol.  So, there is no KYC, there is no custodian smart contracts, running on Ethereum blockchain.  So, today, there are around 6.65 billion worth of assets in the protocol.

And, the inverse to supplying is borrowing.  And, there are around 2.8 billion worth of assets being borrowed from compound Protocol, right now and those assets are communal ether and also ERC-20 tokens.  There are 9 supported assets currently like BAT, COMP, DAI, ETH, UNI, USDC, USDT, WBTC, and ZRX.