Cryptocurrencies » Compound (COMP)
About Compound (COMP)
Compound is a popular Ethereum-based dApp that enables users to borrow cryptocurrency or earn interest on crypto they already hold. Compound Labs, its developer, was backed by venture capital investment firm Andreessen Horowitz (a16z).
When users deposit crypto, they receive cTokens in return which can increase in value over time and are redeemable for the original tokens deposited by users. The protocol’s governance token, COMP, can be purchased via most third-party exchanges, and any COMP holder can propose changes to Compound’s protocol—true to the spirit of decentralization.
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