Compound Foundation appointed four executives recruited from Coinbase Custody, Anchorage Digital, the NEAR Foundation and Maple Finance to spend a $52 million budget over two years turning the 2018 lending protocol into credit infrastructure for banks and asset managers. Proposal 582, passed on May 10 with 1.88 million COMP in favor, allocates $28 million for operations and $24 million for growth. Compound V3 and V2 hold roughly $1.23 billion in deposits, compared to $14.8 billion at Aave and $8.06 billion at Morpho Blue. New Executive Director Aaron Schnarch, formerly COO of Anchorage Digital and CEO of Coinbase Custody, is leading the push. The COMP token trades around $16.26, down 98% from its May 2021 high of $854.45.
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