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.
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).
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:
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.
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.
The compound coin launch date was in 2017 and was founded by Robert Leshner and Geoffery Hayes.
The market cap of Compound is $25,535.05.
The trading volume of the Compound coin is $72.62 in 24 hours
CoinSwitch, India’s largest crypto exchange, is a safe and reputed investment platform. In keeping with its mission to “Make Money Equal for All,” the company prioritizes quality in its product and the safety of all stakeholders.
Cryptocurrencies have emerged as an attractive investment option in recent years, capturing the imagination of investors despite their high volatility.
A simple explainer can be a pretty rare thing in a realm as complicated as the cryptosphere. That’s what we are here to change—one article at a time.
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.
Compound was primarily designed for the developers and to create a platform for financial applications.
41% Buy 59% Sell
We're here to help! Speak to our 24/7 customer support team anytime!Connect Now