Compound update: COMP Live price, price chart, news and markets

The COMP price update as of now is $34.02. In the previous 24 hours, its trading volume was $35,244,557, and its value has decreased by -2.38%. As of now, COMP's live market cap is $338,246,999, and it is ranked as the #145 on the Coincu. COMP has a circulating supply of 10,000,000 and a maximum supply of 10,000,000.

Understanding Compound (COMP)

Compound is a lending platform on the Ethereum network that enables users to participate in borrowing or lending activities using a pool of assets. This platform operates in a permissionless manner, meaning that users can engage without any authorization. Instead of relying on individuals to set interest rates, Compound relies on an algorithmic approach that determines interest rates based on the proportion of assets that have been lent out.

The Unique Aspects of Compound

What Is Compound's Objective?

• Long-term investors have the opportunity to deposit their unused assets into Compound to generate additional yield.
• Ethereum Dapps (Decentralized applications) can leverage the significant liquidity available through the Compound platform.
• Users who do not wish to sell their tokens, particularly if they were acquired at a favorable price point, can borrow assets to leverage profits and engage in arbitrage activities.

A Standout Characteristic of Compound

Compound addresses the issue of idle cryptocurrencies on exchange platforms by providing an open lending platform. This platform allows anyone who deposits supported Ethereum tokens to easily earn interest on their balance or take out a secured loan in a trustless manner.

What sets Compound apart is its community governance system. COMP, the platform's native governance token, provides holders with the ability to propose changes to the protocol, participate in debates, and vote on suggested modifications, all without requiring intervention from the Compound team. These decisions encompass various aspects, including the addition of support for new cryptocurrencies, adjustments to collateralization factors, and modifications to the distribution of COMP tokens.

COMP tokens can be obtained through third-party exchanges or earned by interacting with the Compound protocol, such as making deposits or taking out loans.