Home » Compound Finance is working on a new Blockchain

Compound Finance is working on a new Blockchain

by Hans Lipper
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Compound Finance announced its new blockchain that will enable various cross-chain assets on the same protocol.

The company issued a Whitepaper, which detailed the new blockchain and a token to work on the Compound Chain called Cash.

Compound Finance launches Compound Blockchain and Native Token CASH.

The firm explains Compound Blockchain as a distributed ledger that can inexpensively store and transfer value and liquidity between peer ledgers. It would use CASH token for the disparate assets and incentivize validation. Using the Compound Blockchain, users would be able to store assets from other blockchains, increasing the efficiency of the Compound Blockchain.

Until now, Compound finance only used Ethereum and supported Ethereum based assets; however, it would be able to provide more comprehensive cross-chain support.

The Compound Blockchain extends Compound Protocol that helps in eradicating several underlying limitations of the Compound Finance protocol, like the high transaction cost and the aggregated risk of supported assets. The new blockchain would enable the growth of digital assets on a new blockchain apart from Ethereum.

CASH, the native token of the new blockchain, would be used for transactions on the blockchain. The asset is developed by borrowing like MakerDAO DAI, and it would be used to pay the transaction fees on the Compound Blockchain. The users would be able to borrow the CASH token and then payout the transaction costs.

Compound Finance released a Whitepaper that detailed the technicalities of the Compound Blockchain and Cash token. The Compound Chain would operate on the public/Private key pairs to manage the assets with messages and signed contracts. It would use the Compound CASH for transactions, and users can work with the Compound Chain through their public/private key pairs from another blockchain. The balance is shared with the addresses on different chains.

Compound Blockchain is a standalone distributed ledger that allows users to upload the supported assets from multiple chains on it and will enable them to borrow CASH token by using any supported asset as collateral. The Compound Chain enhances DEFI and is governed through the Ethereum Compound governance, and users can use download assets and CASH on their peer chains without any hassle.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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