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Compound COMP |
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$39.46 |
0.8 % (24h) |
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Marketcap |
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$352,831,424 |
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Volume 24h |
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$18,854,880 |
Description
Compound (COMP) is a decentralized finance (DeFi) protocol that allows users to lend and borrow cryptocurrencies without intermediaries. Launched in 2018, Compound operates by creating money markets with algorithmically set interest rates based on supply and demand. Users can earn interest on their assets or take out loans by depositing collateral into the platform. COMP, the platform's governance token, is used for voting on protocol upgrades and changes. Compound is one of the pioneers of the DeFi movement, contributing to the growth of decentralized financial services.