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B Investment Grade

COMPOUND DIGITAL ASSET REPORT

Introduction

Compound is a money market protocol for cryptocurrencies built on the Ethereum blockchain. Users from anywhere in the world can lend and borrow ETH and select ERC-20 tokens.

Lending and borrowing markets are an important vertical for DeFi and crypto. Demand for leverage and yields is growing by the day, and Compound helps bridge the gap between the two.

Compound didn’t take the ICO route. The company that built the protocol, Compound Labs, solicited venture capital to build the first iterations of the protocol. Once they were pleased with the security and general workings of Compound, they opened the governance module and announced their native COMP token.

At its peak, Compound boasted over $2 billion of collateral with close to $1.5 billion of that borrowed.

The protocol is an established player in the DeFi space, and has seen phenomenal growth thus far. However, Compound hasn’t announced any measure to further solidify its moat going forward. In DeFi, where innovation is a key growth factor, lacking a solid growth plan to expand market reach is a big minus for any project.

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CONVEX PICK OF THE MONTH REPORT: CVX

Summary

Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.

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