Compound III is a gas-efficient lending platform that allows more efficient liquidity use due to a more streamlined application of borrowing stable coins against various collaterals.
It is important to note that security audits are time-boxed and cannot uncover all vulnerabilities. They complement but don’t replace other vital measures to secure a project.
“Compound is a protocol on the Ethereum blockchain that establishes money markets, which are pools of assets with algorithmically derived interest rates, based on the supply and demand for the asset. Suppliers (and borrowers) of an asset interact directly with the protocol, earning (and paying) a floating interest rate, without having to negotiate terms such as maturity, interest rate, or collateral with a peer or counterparty
Each money market is unique to an Ethereum asset (such as Ether, an ERC-20 stablecoin such as Dai, or an ERC-20 utility token such as Augur), and contains a transparent and publicly-inspectable ledger, with a record of all transactions and historical interest rates.”
Source: Compound Whitepaper (2019) https://compound.finance/documents/Compound.Whitepaper.pdf
ChainSecurity has been an outstanding security partner who has earned our admiration and respect based purely on their technical competence and skill. They always go above and beyond to ensure their auditing is of the highest quality, and they are consistently excellent over the many projects we have done together.
