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Compound COMP |
BUY
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£14.11 |
-1.15% (24h) |
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Marketcap |
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£140,613,795 |
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Volume 24h |
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£35,186,403 |
Description
Compound (COMP) is one of the pioneering decentralized finance (DeFi) protocols, allowing users to earn interest on their crypto assets or borrow against them. It functions as an automated money market where interest rates are determined algorithmically based on the supply and demand of each asset. The COMP token was introduced to decentralize the governance of the protocol, giving holders the power to propose and vote on technical upgrades and financial parameters. Compound’s open-source and transparent model has made it a fundamental building block of the modern decentralized banking system.