On September 25, 2023, Judge Jessica Clarke (S.D.N.Y.) granted third party Compound Lab, Inc.'s ("Compound Labs”) motion to intervene in a patent infringement action filed by True.
The hits keep coming for crypto, but it doesn't seem to be bothering investors. Last week, $90.1 million in cryptocurrency went out to users of the decentralized finance (DeFi) platform Compound, in.
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Despite being criticized for not being fully decentralized, Compound has offered several advantages for users in the crypto and DeFi space. Therefore, it is often referred to as a “crypto-economic miracle”.
Compound is a decentralized protocol with its own token COMP, a DeFi-related token with a total supply of 10 million. Like most tokens, COMP uses the Ethereum blockchain. The Compound protocol works as a decentralized application that takes the maximum out of the Ethereum network. Through this protocol, users can request loans or generate interest by lending cryptocurrencies through smart contracts.
Although Compound is not as popular as other high market cap cryptos like Bitcoin (BTC) or Ethereum (ETH), the protocol made returns in excess of 800 % in June 2020, even underscoring the predominant role of Ethereum in the financial industry. Since the entrance into the Ethereum Network and the DeFi, it has been described as one