Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.
The Compound protocol is based on the Compound Whitepaper (2019); the codebase is open-source, and maintained by the community. The app.compound.finance interface is open-source, and maintained by the community.
The Compound protocol is governed and upgraded by COMP token-holders, using three distinct components; the COMP token, governance module (Governor Bravo), and Timelock. Together, these contracts allow the community to propose, vote, and implement changes through the administrative functions of a cToken or the Comptroller. Proposals can modify system parameters, support new markets, or add entirely new functionality to the protocol.