Compound launches an exclusive lending market for institutions, with oversubscription available upon launch
The Compound Foundation announced the launch of the Institutional Market, a lending market exclusively for whitelisted institutions, supporting borrowing of ETH, wstETH, WBTC, and cbBTC with USDC, with a maximum loan-to-value ratio of 87%. On its first day of launch, the market was oversubscribed, with participation from institutions such as DeFi Saver, K3/Nexo, KPK, and Yearn. The entry threshold is a deposit of 100,000 USDC, and Compound has reserved 200,000 USDC as supplier incentives, which will be proportionally distributed to whitelisted participants within three months, with a supply cap of 20 million USD.This market is the first product to be launched from the 52 million USD plan approved by the Compound DAO in August, described by the foundation as the Institutional Comet built on v3.5, independent of the DAO-funded V4 roadmap. Compound stated that v3 has been running for four years without any incidents. Currently, Compound's total locked value is 1.53 billion USD, with 1.42 billion USD on the Ethereum chain, ranking sixth among lending protocols on DefiLlama, with a 23% growth over the past 30 days.The Compound Foundation was relaunched on August 17 with a budget of 52 million USD, with a team from Coinbase, Anchorage, NEAR, and Maple.