Buy & Sell Compound COMP Securely with Australian Dollar AUD on Elbaite - Trade Your Way Today
Compound (COMP) is the governance token of the Compound Protocol, a decentralized finance (DeFi) platform that enables users to lend and borrow cryptocurrencies. By depositing assets into the protocol, users earn interest, while borrowers can take out collateralized loans. COMP holders participate in the governance of the protocol, shaping its future development and features.
Compound was founded in 2017 by Robert Leshner and Geoffrey Hayes to create a decentralized lending and borrowing platform on the Ethereum blockchain. In 2020, the COMP token was introduced to decentralize control of the protocol, giving users a voice in governance decisions. Compound has since become a cornerstone of the DeFi ecosystem, driving innovation in decentralized finance.
What is Compound (COMP)?
Compound is a decentralized finance (DeFi) protocol that allows users to lend and borrow cryptocurrencies, with COMP serving as its governance token.
How do I buy Compound on Elbaite?
To buy COMP, sign up for Elbaite, verify your identity, deposit AUD, and place a buy order for COMP securely.
What is COMP used for?
COMP is used to govern the Compound protocol, allowing token holders to propose and vote on updates, parameters, and features.
What makes Compound unique?
Compound’s automated and decentralized approach to lending and borrowing, with interest rates determined by supply and demand, sets it apart in DeFi.
Is Compound secure?
Yes, Compound employs smart contracts on the Ethereum blockchain, ensuring transparent and secure lending and borrowing.
Who governs Compound?
Compound is governed by COMP token holders, who vote on protocol upgrades and governance proposals.