Compound (COMP) explained in 6 easy steps

Compound is a decentralized finance (DeFi) protocol that allows users to earn interest and borrow on cryptocurrencies. COMP is the governance token of the Compound protocol and the symbol thereof.

1. When was it founded and by whom?

Compound was founded by co-founders Robert Leshner and Geoffrey Hayes in 2017.

2. COMP’s infrastructure

COMP is an ERC-20 token operating on the Ethereum blockchain.

3. What does it offer to users?

Designed for developers, Compound creates efficient money markets where assets can be provided and borrowed by individuals without any restrictions. Interest rates are aggregated at the block level on the Ethereum blockchain, requiring no centralized party. In the system, borrowers can provide assets used as collateral to borrow other assets, while individuals can provide tokens to earn returns. Borrowing and lending rates are algorithmically defined based on real-time market dynamics. As more users deposit this asset, the supply of it increases, and borrowing/lending rates thereof decrease.

4. Can COMP be mined?

COMP is not a type of token that is mined.

5. All-time low, all-time high (ATH), and total supply

COMP’s all-time low price was $26.52 on June 18th, 2022 while the all-time high price was $911.20 on May 12th, 2021. The cryptocurrency’s total supply is 10,000,000 COMP, and the circulating supply is 7,157,898 COMP.

6. How to trade COMP on Paribu?

By clicking on the link, you can trade COMP.