Cryptocurrency

Compound Protocol’s COMP Token Now Listed on Exchanges like Coinbase, Binance, KuCoin

Three of the leading crypto exchanges, Binance, Coinbase, and KuCoin announced on Thursday that they have listed COMPOUND (COMP) Token on their respective platforms. COMP is the native token of Compound Protocol, an algorithmic money market protocol built on the Ethereum blockchain.

 

In another tweet, the San Francisco-based Coinbase said that eligible users can earn COMP by learning about the digital token and taking part in the quiz related to it. In a Medium post, the exchange stated that the COMP token will be available for users from all regions it supports, except New York state.

KuCoin, on the other hand, announced that it will distribute 4,067 USDT tokens among the top 200 of the highest net depositors of COMP token on the exchange. This event started yesterday, June 25, and will end on June 30, at 10 pm (UTC+8).

Binance Research, the research arm of Binance Chain published a blog on the website, in which it explained in detail the Compound Protocol. It mentioned that the protocol is the world’s largest DeFi protocol in the world, locking digital assets amounting to more than $500 million, and $900 worth assets being supplied. It further added,

Binance Research

The Compound Protocol is based on the concept of collateralization, where individuals can earn interest by locking their digital assets in the platform. Moreover, borrowers can also mortgage their existing assets to borrow other crypto assets. Interest rates for both, lending and borrowing, is decided by the algorithms of real-time market dynamics.

Adam Billingsley

Adam Billingsley is a lead blockchain news writer at CryptonewsZ. His work revolves around the applications of blockchain technology and cryptocurrencies like bitcoin, Ripple, and other coins.

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