Compound (COMP) is a cryptocurrency that powers the Compound protocol, a decentralized lending platform built on Ethereum. COMP is the governance token, allowing holders to propose, debate, and implement changes to the protocol.¹
Here are some key features and facts about Compound:
- *Decentralized Lending*: Compound allows users to lend and borrow cryptocurrencies, with interest rates determined by supply and demand.
- *Governance Token*: COMP holders can participate in governance decisions, such as adding new assets, changing interest rates, and updating protocol parameters.
- *Yield Farming*: Compound was a key player in the yield farming craze, which involved providing liquidity to decentralized finance (DeFi) protocols in exchange for rewards.
- *Supported Assets*: Compound currently supports nine assets, including DAI, ETH, USDC, and WBT.
