Compound Price for today is $134.015. Its current circulating supply is COMP 10,000,000 with a market cap of $343,250,139.74.
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Compound (Comp) is a decentralized, Ethereum-based lending platform that supports multiple cryptocurrencies. As long as one holds crypto the protocol supports, they can deposit it into a compound smart contract and earn interest by lending. However, this system is a little different from a bank. When someone deposits crypto into a smart contract, it's changed to native assets called COMP or cTokens. For instance, if one puts in Ethereum, it is automatically converted into an equal amount of cETH.
The cETH is then used as collateral when one wants to borrow and earns interest when lending. Forces of demand and supply determine the interest rates for borrowing and credit on the protocol. For instance, if many people want to borrow, the compound smart contract increases the interest rates on loans, a process that draws in more lenders. Conversely, if there are a high number of people looking to lend, the smart contract lowers the rates, which brings in more borrowers.
The best thing about this protocol is that one can get in and out with ease. Multiple platforms support it, and a Compound converter like ChangeNOW.io makes the process of COMP exchange easy even for non-technical people.
The critical defining feature of this blockchain is decentralized governance. COMP holders can vote on the direction that they want the protocol to take. For instance, in July 2020, over 100 wallets voted in favor of how tokens are distributed. They introduced a new rule to the effect that new tokens would be issued based on the number of dollar stakeholders have in the ecosystem.
To vote on this project's direction, all one needs to do is put their crypto/fiat into COMP. An easy-to-use Compound exchange like ChangeNOW makes this process hustle-free.
Sometimes you need a way to exchange Compound to other coins, or cash. The transaction can be for trading, or to get money for whatever reason. To convert COMP, you need a service that is fast, easy to use and has low fees. Try using ChangeNOW.io as your personal COMP converter as it offers all of that, and also you can exchange COMP without registration and with no upper limit.