Compound III Launches on Polygon Network
It is reported that Polygonscan data shows that Compound III has been launched on the Polygon network. Previously, Jared F, a member of the Compound III team, …
It is reported that Polygonscan data shows that Compound III has been launched on the Polygon network. Previously, Jared F, a member of the Compound III team, said in the project’s Discord community on February 14 that Compound III plans to launch Polygon this week.
The loan agreement Compound III has been deployed to the Polygon network
Interpretation of the news:
Compound III, a decentralized finance (DeFi) platform, has finally launched on the Polygon network. This news has been confirmed by the data from PolygonScan, a blockchain explorer for the Polygon network. The move to launch on Polygon is expected to help Compound III improve scalability and reduce transaction fees.
Compound III is a lending and borrowing platform that allows users to borrow and lend cryptocurrencies, with interest rates that are determined by supply and demand. It is built on Ethereum and offered users high-interest rates that were better than what traditional banks offer. However, due to the high gas fees on the Ethereum network, it was becoming difficult for users to transact using the platform.
The launch on the Polygon network, commonly referred to as the “Ethereum killer,” has been seen as a strategic move by the Compound III team. Polygon is known for providing faster transaction speeds and at a lower cost than Ethereum, which has been the main complaint among Ethereum users who have been looking for cheaper alternatives.
Jared F, a member of the Compound III team, had earlier announced the launch plan in a Discord community on February 14. He had stated that Compound III would launch on the Polygon network during the week, and it has come to fruition.
This move by Compound III shows that DeFi platforms are beginning to look beyond just the Ethereum network. The high gas fees and network congestion on the Ethereum network have been a significant challenge for users, and it has led several DeFi platforms to look at alternative networks.
In conclusion, the launch of Compound III on the Polygon network is a big win for the DeFi sector. It shows that the industry is evolving and that developers are looking for alternative solutions to the high gas fees and network congestion on Ethereum. With Polygon’s focus on scalability, this is a win-win situation for Compound III, Polygon and the entire DeFi sector as users can now transact quickly and cost-effectively.
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