We are pleased to announce that the Compound Growth Program has secured a $1M incentive fund from Mantle. Additional 10M in liquidity supply for the USDe market is also in process.
Background
Talks for Deployment of Compound III on mantle started early September 2024, following which the Mantle team posted at the end of September on the Forums and also affirmed to the intention to incentivize the market with $1M of grants.
Coding started in early October ‘24, following recommendations by Gauntlet and was swiftly completed by the Woof! Software team. Following the Audits, proposal #357 was posted online.
The USDe Market is now live for users to interact with.
After a month long KYC process, the incentives have been received by the Compound Grants Multisig: Mantle Safe – Dashboard
Distribution Mechanisms
The Mantle Ecosystem is currently distributing a massive rewards campaign. Mantle has one of the highest value treasuries in DeFi, and is sparing no expense to make sure that users are earning yield, and engaging with the Mantle native communities.
Our previous reward programs have focused on forming partnerships with other DeFi Protocols, and building structured products which allow users to deposit into Compound, while interacting through other applications.
Given the types of collateral, and the base asset of the USDe Market:
- mETH
- FBTC
- [and soon, cmETH]
We are in discussion to add Compound to all relevant points programs, and will seek grant-matching from prospective co-marketing partners.
All grant funding will be distributed through platforms that restrict access to US Users as requested by Mantle in their KYC.
Further Reading
Reward Campaigns
More news to come about the details of Grant Distribution. Stay Tuned!