Compound Migration Update (6/6/23)
We wanted to provide the community with a quick update on the next phase of migration.
Utilization in the Ethereum Compound v3 USDC comet is currently 99%. Earn APR is 6.32% and Borrow APR is 4%.
As of now there isn’t enough borrowable USDC for v2 users to migrate to v3. We expect that new USDC suppliers should join the protocol to take advantage of the increased Earn APR and increase the borrowable USDC in the coming days. In the case this doesn’t happen, we may draft a proposal to update the IR curves and allocate rewards to incentivize lower utilization.