Compound (COMP)

What is Compound ?

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Compound is a revolutionary decentralized lending platform that allows users to lend and borrow a variety of cryptocurrencies using a novel interest rate mechanism based on supply and demand. It uses a unique token called cTokens, which represent borrowers' debt to lenders and can be traded on the open market, creating a liquid and efficient lending market. Compound's native token is COMP.

Who are the founders of Compound ?

‍ Compound was first proposed in 2018 by Robert Leshner and Geoff Hayes. The project officially launched in September 2018 and quickly gained popularity as a decentralized lending platform that used a unique interest rate mechanism based on supply and demand. Compound has since become one of the most popular and widely used lending platforms in the DeFi ecosystem.

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What are important events that happened to Compound ?

‍ Compound was launched in 2018 as a decentralized lending and borrowing platform. In 2019, Compound announced the launch of a new protocol called Compound V2, which introduced improvements in many features. In 2020, the value of COMP soared due to increased demand for DeFi applications.

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How to buy Compound (COMP) ?

‍ 1.Set up a cryptocurrency wallet: A cryptocurrency wallet is a digital wallet that allows you to store, send, and receive cryptocurrencies. There are many different types of cryptocurrency wallets to choose from, including software wallets, mobile wallets, and hardware wallets.

2.Choose a decentralized exchange: A decentralized exchange (DEX) is a platform for buying, selling, and trading cryptocurrencies that does not rely on a central authority. Some popular DEXes include Uniswap, Kyber Network, and 0x. Or you can use a DEX aggregator like Arken Finance

Connect your wallet to the decentralized exchange: To buy COMP using a DEX, you will need to connect your wallet to the exchange. This can typically be done using a browser extension such as MetaMask or a mobile wallet app such as Trust Wallet.

Deposit funds: Once you have connected your wallet to the DEX, you will need to deposit funds into the exchange. This can typically be done by sending cryptocurrency from your wallet to the DEX.

Buy the cryptocurrency Compound (COMP): Once you have funds available on the DEX, you can use the exchange's trading interface to buy COMP. You will need to specify the amount of Compound (COMP) you want to buy, as well as the price you are willing to pay.

Transfer the crypto to your wallet: After you have purchased the any cryptocurrencies, it is a good idea to transfer it to your own wallet for safekeeping. This will help protect your funds in the event that the DEX experiences technical problems or is hacked.