Compound CEO leads the core team to resign en masse! Launch of new DeFi protocol Legend

This site (120btC.coM): Jayson Hobby, founder and CEO of the veteran DeFi protocol Compound, suddenly posted a message on social platform DeFi protocol Legend, saying that it will build the best DeFi interface in the world: “Today, I am happy to announce the establishment of our new company Legend. Our mission is clear: by building the best DeFi interface in the world, we will bring the next generation to the next generation. Bringing a batch of 100 million users to the chain. The beginning of a new chapter also means the end of the previous journey. In 2019, I joined Compound as a designer. Today, I will step down as CEO. "

Compound. Chief Technology Officer and Vice President of Product Join Legend

In addition, Jayson Hobby also added that the people who followed him to leave Compound and joined Legend are Compound Chief Technology Officer Geoffery Hayes and Vice President of Product Mykel Pereira, who can be said to be the most important members of the entire team. Many cadres have left: My co-founders at Legend include Geoffery Hayes and Mykel Pereira, who used to work with me at Compound. DeFi is the future. The time is now, the infrastructure is ready, users are waiting, we are excited about the road ahead and we can’t wait to show you that the future of finance is on-chain.

What is Compound?

As the main promoter of liquidity mining and one of the representative projects of DeFi Summer, Compound is an algorithm-based mortgage lending protocol that provides users with current floating interest rate deposits and lending services. As a core of DeFi 1.0 The leading project was once highly sought after by capital and was also a cornerstone of DeFi Lego.

According to CoinMarketCap data, the total supply of Compound’s native token COMP is 10 million. It once reached a record high price of US$831 in early May 2021. However, with the increasing number of competitors and lack of innovation, it has been affected by Attention has continued to decrease. At the time of writing, COMP is far away from its historical high, reporting at US$47.23, with a market value of approximately US$395 million.

Its TVL has also dropped from the historical high of 12 billion US dollars to today’s 2 billion US dollars, and its TVL ranking on the Ethereum chain has also fallen to 13th.

Compound’s top executives have left one after another

In fact, Jayson Hobby did not take over as CEO until the end of June last year. At that time, the founder Robert Leshner left because he established a new company, Superstate, to target the current hot field of RWA. This was originally a bad thing, but now Jayson, who has only taken over for one year, has also left, adding more doubts to the community about the operation of this long-established project.

On the other hand, although Jayson Hobby has not explained much about his new startup Legend, after all, the team has a strong background. Whether Legend can bring enough things to shine for us in the future is worthy of our continued attention.

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