Compound

Reasons to Buy Compound

• It is an Ethereum based ERC-20 token.
• It provides interest to you on your deposits.
• It has good transaction speed.
• It has a maximum supply of 10 million COMP.

Compound was officially launched in 2018 by Robert Leshner and Geoffrey Hayes.

Compound has its own way of trading in this growing market of cryptocurrency. It is an Ethereum based decentralized blockchain platform that allows you to borrow or lend some particular cryptocurrencies(total- 9) viz DAI, ETH, USDT, USDT, etc. The user receives benefits when he deposits his crypto assets in Compound and gets c-tokens or COMP tokens in return. Compound has its protocols, and the user also benefits by receiving interest on what he deposited.

Compound has its native utility token as COMP that is used as a mode of providing incentives.

Things to consider before buying Compound

• Compound can provide greater interest rates than most banks.
• Whenever a user interacts with Compound, he is awarded COMP tokens.
• Its holders can suggest changes in the Compound protocol.

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.