What is Compound ?
Compound (comp) is a cryptocurrency that runs on the DeFi protocol and hosts lending of pools to earn a better interest varying to different numbers of cryptocurrencies. It is regarded as software that runs on Ethereum. It allows better control over the compound protocol.
The compound is an autonomous algorithmic protocol affiliated with the interest rate. It was primarily designed for the developers and to create a platform for financial applications. It is regarded as the safest protocol to secure all the money on different platforms.
Primary features of Compound
- It creates a better platform for all financial applications and makes them more secure.
- The Compound cryptocurrency is regarded as the safest protocol for saving your money.
- It aims at creating an incentive-based platform for networks and creating better operations for the traditional market.
- It uses multiple assets of the crypto to decentralize finance.
- It allows easy deposits to cryptocurrency so that a borrower can easily take it.
- It provides trading of its token without any restriction.
Is Compound a promising cryptocurrency?
Compound (comp) is considered a promising cryptocurrency, as it has reached new peaks in the DeFi sector. The compound cryptocurrency price increased by 500% by the end of May 2021. Therefore, according to the current trend in the market, it could be highly beneficial to invest in Compound (comp).
How to use Compound coins?
The Compound (comp) is becoming highly profitable to invest in. The recent trend has shown a boost in the return that the tokens provide. You can use them in the following ways:
- Exchange: The Compound (comp) cryptocurrency can be easily used to exchange funds and trading.
- Investment: The Compound coin price will keep increasing in the coming years, so investing in them will be highly profitable.
- International Transfer: Allows easy transfer of funds all across the globe without worrying about any levy charges.
- Online payment: Several e-commerce websites accept Compound coins as payment methods and can be used for online payments.
Pros & Cons of Compound coin
Users can earn better profits even without investing much
Provides a 5% incentive on liquidation.
Allows easy control of decentralized networks.
They are highly volatile and could create issues for lenders and borrowers.
Its decentralized status is yet to be validated.
Trade Compound coin on CoinSwitch kuber
- It only requires a small amount of Rs.100 to start investing in the compound (comp).
- You can easily exchange digital currencies.
- It does not have any hidden processing fees involved in the currency exchange.
- You can easily withdraw the amount anytime as there is no maturity period.
- You get the best price for exchange available in the international trading market.
Compound ICO summary
The ICO for Compound (comp) ended on 15th June 2020. The initial offering was distributed as an ERC-20 asset to provide better control of the compound protocol. In addition, it aimed to directly place these tokens for the users, enhance the ecosystem, and provide a better incentive to the token holders.
FAQ's on Compound
- Who is the founder of Compound (comp)?
The compound coin launch date was in 2017 and was founded by Robert Leshner and Geoffery Hayes.
- What is the market cap of Compound (comp)?
The market cap of Compound is $25,535.05.
- What is the trading volume of the Compound (Comp)?
The trading volume of the Compound coin is $72.62 in 24 hours
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.