BlockBeats news, October 12 — The Compound Foundation released its September progress report. Compound V4 has completed the formulation of core product and technical specifications, and initiated preliminary smart contract development and code review. The institutional market launched on September 8. As of September 25, total deposits and collateral supply exceeded $60 million, with outstanding USDC borrowings surpassing $18 million. The report indicates that the institutional market is an R&D deployment used to test certain V4 features and gather real-world feedback.The September 29 update also showed that borrowing demand grew nearly 10% during that week, with the base rate for USDC suppliers at 6.35% at the time. Additionally, Compound has expanded distribution channels for the institutional market through Gate Earn; legacy COMP rewards opened for claiming via Merkl on September 10, with over 106,900 COMP available for claim.On the operational side, the Compound Foundation stated that the annual cost of Cactus's renewal was reduced by approximately one-third, and the comparable annual service cost for the security service provider's renewal was reduced by 17%. Overall V4 progress remains on schedule, with development, code review, and testing set to continue in October, along with finalizing the security review of the Integration Kit and preparations for the launch of certain liquidation features.