Compound (COMP)

Compound is currently trading at $37.58, after a price change of 3.93% in the last 24 hours.

Ranked as cryptocurrency #102 by capitalization today, COMP market cap is valued at $273,174,981. COMP trading volume reached $27,432,842 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on COMP coin price prediction page.

What is Compound?

Compound is a decentralized lending and borrowing protocol that enables users to receive interest by depositing cryptocurrency assets in managed pools. The platform is built on the Ethereum blockchain, which secures transactions with the Proof-of-Work consensus algorithm. Users can deposit assets in multiple liquidity pools. The system works as a peer-to-peer model that automates the process of matching lenders and borrowers.

Compound sends the earned interest from the borrowed funds directly to the holder’s wallets. Smart contracts in the platform’s cTokens set the lending terms. All the deposits are turned to cTokens, and borrowers need not sign any documentation. Borrowers must put in larger security than their borrowed funds to curb default.

COMP is the native token of Compound. There are 6,277,043.40 circulating tokens from a total supply of 10,000,000 and a matching hard cap. COMP is a governance token that enables its holders to decide on the network’s development. The Compound’s treasury offers enterprises a chance to receive an annual rate of return on their fixed deposits and savings.

Robert Leshner and Geoffrey Hayes are the co-founders at Compound, a project which debuted in 2017.