Compound rate


What is Compound

Compound (COMP) is a DeFi lending protocol. Users of Compound can earn interest on their crypto by depositing them into one of the pools that are supported by their platform. Compound has stated that many cryptocurrencies are not advantageous enough for “hodlers”. They hope to change that with their COMP token. Its open lending platform allows anyone who deposits supported Ethereum tokens (erc-20) to effortlessly obtain interest on their balance. Once assets are supplied to Compound, users are allowed to use the assets as collateral. Based on the collateral factor of the assets deposited, users can start borrowing from Compound. Because Compound uses an overcollateralization model, you can never borrow more than what is collateralized. You can safely and reliably buy, sell, ship and store COMP on LiteBit.

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