What is Compound? ($COMP)
Compound is a decentralized software which runs on the Ethereum mainnet. The DeFi project was developed with the intent to enable peer-2-peer borrowing and lending in the decentralized finance frontier.
Users of the Compound network are able to deposit cryptocurrencies to the Compound DeFi ecosystem, which then gets locked into the network in order to create liquidity. This is then made available to borrowers looking for cryptocurrency loans through the Compound platform. Compound somewhat removes the middle man typically found in the traditional consumer finance model.
About Compound Cryptocurrency - $COMP
The Compound decentralized ecosystem operates by converting the funds of the intended lender on the network, and converting them to cTokens in order to reflect equivalent value within its internal ecosystem.
From there, borrowers are able to access capital in the form of any of the available cryptocurrencies on Compound. The native cryptocurrency used to incentivize lenders and other participants within the Compound network, is known by its ticker - $COMP. $COMP is an ERC20-based cryptocurrency coin, built on the Ethereum network. Firstrade customers can now buy Compound ($COMP), and track a position on $COMP within your individual brokerage account.
Registered customers are able to buy Compound ($COMP) and several other available cryptocurrencies on Firstrade cryptocurrency trading platform.
More about Compound ($COMP)
The Compound ecosystem was started by a duo composed of serial entrepreneurs Robert Leshner and Geoffrey Hayes. The DeFi network has been noted for significant capital raising efforts in the past, dating as far back as 2018 when the network was initially started.
A total of $8.2 million USD was raised in 2018, primarily through the investments of notable venture capitalists. Since then, the Compound ecosystem, and associated $COMP cryptocurrency, have grown in adoption consistently, as one of the more recognized DeFi platforms on the Ethereum mainnet.
Firstrade cryptocurrency platform allows customers to buy and sell cryptocurrency. Learn more about and check the most current cryptocurrency prices on Firstrade. The listed Compound ecosystem features are not available on Firstrade.