Compound V3 hits $1.243B. Which is 3.7x since the start of 2023. Rising 24.22% just over the last 7 days.

Now you know why $COMP was pumping.

Here's an overview: Compound V3 is the latest iteration of the compound finance It was launched in August 2022. It's a platform where users can lend and borrow stablecoins, with an emphasis on security, user experience, and capital efficiency.

The new version introduced a 'segregated base assets' model, simplifying the borrowing process. Unlike the previous version where users could borrow any asset, now users borrow one base asset. This change also improved risk management and liquidation processes.

Users can lend their tokens to the network and earn income in COMP tokens and the token they provided. The initial base asset for V3 is USDC. Users receive equivalent cTokens in return for their deposit, which can be traded on the network.

As of now, Compound V3 has a Total Value Locked (TVL) of $1.243B and is the 8th largest DeFi platform. The protocol is initially deployed on Ethereum but is designed for any EVM compatible network.

$COMP