What is COMP and how Does It Work?

The Compound Governance Token (COMP) operates as the governance token for the Compound Finance lending protocol. This ERC20 token introduces the community to the governance of the protocol, as token holders are permitted to delegate their voting rights to their chosen addresses. Participation in Compound's governance isn't limited only to COMP holders; delegation receipt enables any interested party to partake. COMP tokens are spread among protocol users based on market activity, distributed across various markets, such as ETH, USDC, and DAI markets. This distribution technique has the objective to encourage stewardship of the protocol. You can claim COMP by interacting with the protocol, tracking your distribution via protocol interactions. Potential governance initiatives might involve putting forward support for new assets, amending asset collateral factors, adjusting market interest rate models and modifying other protocol variables. On another note, Compound represents a decentralized finance (DeFi) protocol, which invites you to supply and borrow assets all while acquiring COMP tokens. With a self-governing interest rate mechanism, the Compound protocol offers varied open financial applications. You and dApps are given the opportunity to generate interest on your Ethereum (Ether) tokens, borrow Ether, and partake in a wide range of financial deals. Moreover, protocol updates and insights are frequently shared on Medium, promoting engagement with the community and disseminating knowledge about the protocol. Remaining consistent with the intent of the Ethereum protocol, Compound sets up money markets that come with fixed interest rates. The distribution of COMP tokens to traders is regulated by a process involving COMP token holders. The Compound team, which includes individuals with finance-related knowledge such as a Chartered Financial Analyst, endeavor to enrich the understanding of global power dynamics. They achieve this, discussions are fostered on Medium and authoring writings, in compliance with Medium's privacy policy on tracking user data.

The Vision and Mission Behind COMP

COMP is a token associated with Compound Finance and forms an integral part of the platform's governance mechanism. Possessing COMP allows you to propose and cast votes on potential amendments to the platform's workings. Notably, the token also carries a utility wherein as a holder of COMP, delegation of your voting rights to an address of your choice is permissible, thereby encouraging inclusive involvement in the evolution of Compound's governance proposals. Catering primarily to those drawn to the world of decentralized finance, the interest rates on Compound are dynamically determined through an algorithm that takes into account supply and demand factors. Interacting with the Compound protocol, namely supplying and borrowing transactions, provides means to augment your COMP holdings.

The Team Behind COMP

Established in 2017, Compound is the brainchild of Robert Leshner and Geoffrey Hayes, distinguished figures who previously held key roles at Postmates, an online food delivery service. Currently, they both hold pivotal executive positions at Compound Labs, Inc, the software development firm behind the Compound protocol. Leshner serves as the CEO, while Hayes takes on the role of CTO. While both founders boast a track record of launching successful ventures, Robert Leshner has notably played an active role in advancing the blockchain space. He has publicly invested in prominent crypto platforms such as Argent Wallet, Opyn, and Blockfolio. The Compound team has expanded to include over a dozen individuals, with nearly half dedicated to engineering roles.

How to Buy and Store COMP?

To purchase COMP, Flooz.xyz offers a streamlined process. Flooz.xyz is a one-stop solution, providing a smooth checkout experience without the need to own a wallet. Tap tap go! All payment methods are supported. Using Flooz self-custodial web wallet, you can seamlessly store, send, and receive COMP tokens. Creating a self-custodial wallet directly on Flooz is quick and easy - simply use your email, Google, or Apple ID. This seamless and optimized trading experience has captivated over 75,000 active traders on Flooz.xyz. Additionally, with Flooz.xyz, you have access to your funds at all times, thanks to the power of cryptography. Flooz.xyz aggregates over 50+ providers to ensure you benefit from the fastest and cheapest payment routes for your COMP trades.

COMP Metrics:

• Current price: $84.2149

• Market cap: $746.58 M

• All-time high: being indexed (being indexed)

• All-time low: being indexed (being indexed)

• Daily trading volume: $285.84 k