Compound Monthly Financial Report & Analysis - April 2023
This Newsletter issue covers Compound DAO & Protocol Performance during April 2023
Table of contents
Governance Recap
Crypto Markets & COMP Analysis
Supply & Borrowing Analysis
Revenues Analysis
Governance Recap
April 2023 was a quiet month with only three governance proposals voted for.
Compound v2 to v3 (migration) phase 2 proposal was successfully passed on April 5, 2023.
OpenZeppelin Security Partnership - 2023 Q2 Compensation proposal was successfully executed on April 7, 2023.
The Refresh Polygon COMP proposal failed on April 24, 2023.
Crypto Markets & COMP Analysis
BTC had a bit of a turbulent month, climbing to as high as $31,000 and dropping as low as $27,000 before it ended at $29,440. This was still an MoM price gain of 3.23%
ETH also had a turbulent month, but still ended the month at just below $1,900, a 4.17% MoM price increase.
COMP was unable to stop its slide, as it ended the month at $41.40, a 3.94% MoM decrease.
Supply & Borrowing Analysis
Data Source: DefiLlama
Monthly Supply, borrowing, and Available Supply are defined as the average daily data (sourced from DefiLlama) for the month.
Compound v2’s total liquidity fell by 29.35%. Compound v3-USDC liquidity, on the other hand, grew by a massive 19.17% of its average monthly supply.
USDC borrowing on Compound v3 also grew by a massive 44.62% during the Month of April.
Data Source: DefiLlama
Compound V2 Supply continued its downward trend as it dropped a further 29.35% to $1.447 Billion in April 2023.
Data Source: DefiLlama
As we pointed out earlier, Compound V3 USDC supply has continued its upward trend.
Data Source: DefiLlama
Compound V2 borrowing has continued to slow down.
Data Source: DefiLlama
Compound V3 USDC borrowing has continued its upward trend, growing by a massive 44.62%.
Revenues Analysis
Data Source: DefiLlama, Flipside Crypto
v2 Suppliers generated 1.66 M USD in April 2023, holding steady with the previous month.
v2 protocol revenues, however, fell by 13.93% to 173k USD during the same period.