Compound token was founded in 2018 and is the native cryptocurrency of the Compound Finance protocol. The protocol is based on the Ethereum ecosystem. The main purpose of this protocol is to create an environment for crypto lenders and borrowers who don’t want to deal with third-party regulators. COMP token has been gaining popularity among crypto enthusiasts as it facilitates the issuing of crypto loans.
A Bit About Compound
Compound coin was created by Robert Leshner, and he is the current CEO of the company. The protocol makes it possible for crypto holders to make money from their tokens. COMP coin is used on the Compound Finance protocol and is used to reward users of the network.
A governance token for the Compound protocol.CryptoLists.com
COMP token cannot be mined, and you have to obtain the tokens from the development team of the company. Its supply is limited to a maximum of 10 million tokens. Every day, the company distributes 2880 coins to users of the network, and this distribution is based on the number of transactions made with a particular coin. Lenders and borrowers get an equal number of tokens depending on the transactions made.
Utility of Compound?
The main purpose of this token is community governance. Whenever important decisions need to be made regarding the protocol, holders of the token have to vote. Users can also propose new changes to the protocol, and these will be voted on by other members of the community. You should note that you can only propose new ideas if you have more than 100,000 COMP coins. The protocol has a three-day voting period, and the ideas will be implemented if it gets more than 400,000 votes. The implementation is done via the Timelock smart contract.
It is also worth noting that the coin helps to encourage people to lend and borrow money on the protocol. This is because users of the network earn COMP coins whenever they borrow or lend money.
Compound Price details
ERC20 Contract address: 0xc00e94cb662c3520282e6f5717214004a7f26888
›› Details & Tokenomics
Advantages of Compound
+ Holders of the COMP token can vote on proposals.+ It is used to reward users of the network.
+ The token has a hard cap.
+ COMP is compatible with many crypto wallets.
+ Compound uses the Ethereum blockchain.
Disadvantages
- Its transfer fees are very high.- The COMP token is not available on so many crypto exchanges.
- It can be highly volatile.
- You cannot mine the token.
- There is a lot of competition in the crypto sector.
Costs
▪ Rated at 7/10Since this token uses the Ethereum blockchain, users will need to pay transfer fees using ETH. The amount will vary depending on the state of the network, but it averages at around $20. It is worth noting that the transfer fees are expected to go down once the Ethereum Merge is completed.
Reputation and Buzz
▪ Reputation rated at 10/10▪ Buzz rated at 9/10
Compound token has only been around since 2018, but it is already gaining popularity among crypto enthusiasts. The company has a large online community. On Twitter, the company has more than 236,000 followers, so you can join this platform to follow discussions about the protocol.
FAQ
Which wallets can I use to store COMP coins?
You can store these tokens in any wallet that supports ERC-20 coins. These include Ledger Nano S, Coinomi, Guarda, MetaMask, and Trezor. You can either use hardware or software wallets, and each of these has its pros and cons.
Where can I buy this cryptocurrency?
You can purchase this altcoin on crypto exchanges like Huobi Global, Binance, and Coinbase Pro. It is also available on lots of decentralized exchanges. As it gains popularity, many other crypto exchanges are bound to list the token.
How many COMP coins are there in circulation?
The team behind this cryptocurrency set the cap on the supply of this altcoin at 10 million coins. At the moment, less than a third of this number are in circulation.
Who founded Compound Finance?
This company was created by Robert Leshner and Geoffrey Hayes, and they all worked in high-profile positions at Postmates. Robert is currently serving as the CEO of the company, while Hayes is the CTO.
Screenshots from Compound
More sites where to buy/sell/trade Compound
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
Remember to never risk money that you can not afford to loose. Crypto currencies is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Compound details and tokenomics
SOL Contract address: AwEauVaTMQRB71WeDnwf1DWSBxaMKjEPuxyLr1uixFom
AVAX Contract address: 0xc3048E19E76CB9a3Aa9d77D8C03c29Fc906e2437
