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Compound (COMP)

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About Compound

COMP is the governance token for Compound Protocol and it was distributed since June 2020. It is an ERC-20 token issued on Ethereum. COMP tokens are mainly used for protocol governance.

COMP holders can suggest, debate, and implement.

COMPOUND History / Information / Buying / Staking

  • COMPOUND HISTORY

    Compound. COMP is an ERC-20 token that was launched on the Ethereum blockchain in 2018. This is a coin of Compound Protocol, a money market protocol where interest rates are generated algorithmically based on supply and demand. COMP tokens give governance over the protocol to users.

  • HOW COMPOUND WORKS

    Compound allows users to deposit cryptocurrency into lending pools for access by borrowers. Lenders then earn interest on the assets they deposit. Once a deposit is made, Compound awards a new cryptocurrency called a cToken (which represents the deposit) to the lender.

  • BENEFITS OF USING COMPOUND

    Some of the benefits of using Compound are:

    PASSIVE INCOME
    Anyone with crypto can open an account and get monthly returns for investing. Since the interest compounds annually, lenders have a source of passive income.
    COMMUNITY ORIENTED
    COMP tokens power the Compound interest platform. This makes it a community-oriented crypto project where the community holds decision-making powers.
    SECURITY
    All transaction data on the Compound protocol is immutably recorded on-chain. The robust security audits ensure safety as well.

  • CAN YOU STAKE COMPOUND

    Compound enables you to deposit your crypto coins or tokens into a pool that borrowers can access. You earn an interest on all the assets you deposit on this protocol. This decentralized finance (DeFi) system then rewards you with a cToken, a special crypto that represents your deposit.

  • COINS SIMILAR TO COMPOUND

    Direct competition to Compound which are considered similar coins are:
    CELSIUS NETWORK COMPOUNDCURVE FINANCE