Ankr and Compound: Integrating DeFi apps in Crypto Platforms

ANKR | 06.25| 34

At Ankr, we are building a seamless node hosting infrastructure, DApp management platform, and node marketplace for full Web3 stack deployment.

Powered by our cloud platform, everyone from community participants, major public blockchains, to organizations building on DeFi protocols for real-world use cases can easily bootstrap and deploy blockchain nodes right on Ankr.

One such example of a real-world use case is Compound, an algorithmic, autonomous interest rate blockchain protocol built for DeFi developers.

With Compound’s decentralized protocol for supplying and borrowing assets, blockchain developers can interface with the protocol’s suite of Ethereum smart contracts that enable direct integration with current cryptocurrency money markets.

Ankr makes it super easy for enterprises to interact directly with the Compound protocol through our user-interface and API.

Integrate Compound into your platform with Ankr!

For platforms looking to integrate the Compound protocol and offer its DeFi solutions to their users, we now provide one-click API services for Compound on our platform.

The Ankr Protocol market provides node hosting, staking and API services.

Using Ankr, cryptocurrency exchanges, staking providers and wallets who wish to integrate Compound in their platform can easily launch and maintain the Compound application with our RESTful API integration.

By adding Compound to your product suite, you offer your users an easy alternative to earn interest on the assets they keep on your platform.

What would usually take a very experienced DevOps team around one month work to achieve, can now be done in less than a week! There is no need to develop with Solidity or Truffle, you just need to set up your front-end and you are ready to go!

This can be done even without maintaining a base Ethereum node to communicate with the app, as Ankr internally provides its own Ethereum Full Node to facilitate all Ethereum calls via Solidity.

We power our Compound app using Kubernetes for containerized deployment, mySQL for database management, and Node.js as its runtime environment.

We also provide a client package for developers to easily integrate their client code with a couple of lines of code to fuse with ours, this is done through the NPM package manager for client-side SDKs.

Users can now try our solution here, connecting to the Ropsten testnet.

View of the Compound application on the Ankr platform.
“Ankr’s Compound API is a winner. It is intuitive, secure and cost effective, enabling all wallet providers and exchanges to gain easy access to the interest rate protocol.” said Calvin Liu, Strategy Lead at Compound

Generate passive income for wallet and exchange users

With the current global economic turn, the use case of Compound becomes clear and practical: one that functions essentially like how clients used to earn interests keeping their assets at a traditional bank, but without the centralization and privileged authority present in non-blockchain systems.

As it stands, the majority of cryptocurrency exchanges and wallet providers hold large amounts of tokens for their user base.

With Compound’s protocol, users can put these idle resources to work on the platform and earn passive income in the form of earned interest and in addition, automatically generate COMP tokens.

Decentralized Governance and the COMP token

The Compound protocol’s administrator has recently been replaced by community governance. This allows participants to propose, vote and implement changes to the protocol without involvement from the Compound team.

In order to partake in protocol governance, users must either own or receive delegation of COMP tokens, which can be earned by supplying or borrowing Ethereum-based assets from the network.

Each day, approximately 2,800 COMP will be automatically distributed to users of the protocol, according to the infographic below:

With the current adoption rate and hype surrounding DeFi products in general, and Compound in particular, the COMP token has gained substantial awareness and demand in the market, and forms a interesting additional source of income for Compound users.

Top-notch security measures

With real-world assets on the line, security through Ankr’s node deployment platform is our top priority. All data that goes through the database is secured either with a hash or an encryption.

We also actively disallow plaintext copies of sensitive data such as private keys through our cloud platform, and have made sure that any stored client data on our side is insufficient to compromise the database. Ankr does not store any private keys, and thus has no means of maliciously acquiring assets or client data, we only have viewing permissions from our side.

DeFi adoption for the masses

With our work at Ankr, we hope to contribute to the mass adoption and scaling of the decentralized finance space by lowering the barrier of entry for developing DeFi applications. We do this by directly connecting APIs to public blockchains and DeFi protocols like Binance Smart Chain, Synthetix, Bifrost, MakerDAO, Compound, Dharma and 0x.

As we collaborate and create together, we hope to help grow Compound’s developer community and continue our commitment to building the future with decentralization.

Useful links

Follow Ankr on social media

Ankr and Compound: Integrating DeFi apps in Crypto Platforms was originally published in Ankr on Medium, where people are continuing the conversation by highlighting and responding to this story.

Comment 0


Are you sure you want to delete this post?