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Previous iterations of Compound used a pooled risk model that supported nine cryptocurrencies, including ether (ETH), dai (DAI), and tether (USDT). Under the old model, users would put their assets into loan pools where they would earn interest. In exchange for their deposits, lenders received cTokens, representing the value of their deposits. Using those cTokens, the lender can then borrow a percentage of the value of their collateralized assets in a different cryptocurrency.
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