Compound Founder Launches Bond Fund "Superstate", $COMP Rised over 50% in Past 7 Days

Robert Leshner, CEO of decentralized lending protocol Compound, submitted filings to U.S. securities regulators for "Superstate," a new company that will create a short-term government bond fund using the Ethereum blockchain as a secondary record-keeping tool.

According to a June 26 filing with the SEC, Superstate's fund will invest in "ultra-short duration government securities," including U.S. Treasury bonds, government agency securities and other government-backed instruments.

The fund will rely on a traditional Wall Street "transfer agent" to keep ownership records of the holders of the fund, the filing states. However, it the filing continues, "ownership of certain fund shares also will be recorded on one or more blockchains, initially the Ethereum blockchain, in the form of the Secondary Blockchain Records."

While the newly founded fund has no direction connection with the DeFi protocol Compound from public information, $COMP rised significantly in the past 7 days, outperforming its main competitors and other blue chip DeFi.