Compound Foundation has announced a complete leadership overhaul, appointing four new executives to its management team. Aaron Schnarch will serve as Executive Director, Christopher Donovan as COO, Leo Eikelman as Chief Technology Officer, and Steven Liu as CPO. The changes are described as the largest leadership shake-up in the crypto industry over the past year. Separately, the Compound DAO has approved a $52 million development fund aimed at expanding its DeFi presence and developing the Compound V4 protocol.
Compound Foundation announced a total leadership overhaul of its management structure as part of a targeted expansion. According to the foundation, four executives joined the protocol’s management team, marking the largest leadership shake-up in the crypto industry over the past year.
Aaron Schnarch will take over as Executive director, with Christopher Donovan as the COO. Leo Eikelman will serve as Chief Tech Officer, while Steven Liu becomes the CPO, as stated by the foundation.
In addition to the leadership changes, the Compound DAO approved a major development fund of $52 million. The budget allocates $28 million to operations and $24 million to project growth over the next two years.
Operations funding will cover areas such as risk, marketing, and engineering. The project growth budget will focus on the development of Compound V4, with $14 million allocated to the foundation’s multisignature wallet.
This investment comes as Compound attempts to regain market share in the competitive lending market. The foundation hopes that institutional credit could offer a new growth path, with V4 and institutional products aiming to bridge the gap between DeFi and TradFi.
Following the announcements, COMP rose to $18 before slightly retracing. At press time, the altcoin was trading around $17.6, up 8.6% on the daily charts.
Trading volume surged over 648% to $43 million, indicating strong market participation. Data shows the Exchange Supply Ratio crashed to a three-month low of 0.12, implying more COMP has flowed out of exchanges. The altcoin’s Relative Strength Index rose to 65, suggesting buyers are active.
