Initialize Compound III (BUSD on BNB Chain)

Ideas
1

Background

Compound III is a next-generation collateralized borrowing protocol, designed for security, capital efficiency, low gas costs, and streamlined governance.

About BNB Chain

BNB Chain is a decentralized, public blockchain that operates using a proof-of-stake (PoS) consensus mechanism. It is designed to support the development and deployment of decentralized applications (dApps) and decentralized finance (DeFi) projects and is powered by the Binance Coin (BNB) token. BNB Chain is operated by Binance, a leading cryptocurrency exchange and blockchain technology company, but is open to participation and contributions from a global community of developers, users, and stakeholders.

Proposal

Initialize Compound III on BNB Chain with BUSD as the borrowable asset. Seed the market with 100k BUSD.

At launch, we propose accepting:

  • WETH
  • WBTC
  • COMP
  • BNB
  • BUSD
  • USDC
  • USDT
  • CAKE

Protocol Launch
TBD (Supplemented by Gauntlet)

Reasoning:

As an EVM compatible chain, the deployment of Compound III markets on BNB Chain will be seamless.

rleshner is keen to promote the deployment of Uniswap V3 to BNB Chain, why don’t we deploy Compound III to BNB Chain first.

2023-02-06 13.32.41
2023-02-06 13.32.411152×466 55.8 KB

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I could be out to lunch here, but I’m relatively confident that the protocol does not have 100M BUSD to deploy, if it has any BUSD at all. I suppose there is a small amount of USDP reserves which is effectively (but not technically) equivalent to BUSD. Of course the protocol could swap other stablecoins for BUSD, but BUSD liquidity on Ethereum is peanuts compared to on BNBchain. So I guess the first question is: where is the seed funding meant to come from?

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3

Yes, we don’t have so many seed funds, BNB Chain Foundation should give support.

BNB Chain Foundation has extended an invitation to Euler, and it seems that they passed the vote.

Do you know why Compound is not included in this Defi flash event?

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