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ETH 1.06%




BTC 1.97%




LTC 1.22%


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CryptoUnits - 1539+ Best Cryptocurrency Websites & Bitcoin Sites List of 2023!

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Introduction to Compound Protocol

The Compound protocol offers liquidity to borrowers seeking funds in cryptocurrencies.

Smart contracts act as the matching engine for market participants, with borrowers receiving funds and liquidity providers earning COMP tokens and a portion of borrower interest.

Launched by Compound Labs Inc. in 2018, the protocol enables users to earn compound interest on cryptocurrencies.

Compound Website

The Compound website features a dark space-themed design with symmetry and sci-fi elements.

The top navigation bar includes links to Markets, Governance, Prices, and Docs, along with an "App" button.

The main page highlights interest earning possibilities with specific tokens.

Information explains Compound's algorithmic, autonomous interest rate protocol for open financial applications.

Users can try Compound and explore community-built interfaces for institutions, earning, managing, and reporting.

The protocol's security is emphasized, including auditing and a bug bounty program.

The footer provides links to Discord, Github, Medium, and Twitter.

Compound Application

The application section includes Dashboard, Vote Menu, and Connect Wallet options.

The Dashboard displays supply and borrow balances, APY, and market details.

The Vote Menu allows users to participate in community governance and proposals.

The footer provides links to markets, governance, COMP token, support, teams, currency, and language options.

History of Compound

Compound Finance was launched by Compound Labs Inc. in 2018, initially focusing on providing profits from locked cryptocurrencies.

The protocol evolved from centralized to decentralized with the introduction of the COMP token, transforming into a community-governed DAO.

Compound Functionality

The Compound Protocol allows users to lend or borrow various cryptocurrencies, utilizing smart contracts for automated interest rates.

Interest rates are determined algorithmically based on demand and supply, incentivizing lending and discouraging over-borrowing.

Users can monetize idle cryptocurrency assets through lending.

The COMP token is used for governance, with users having a say in platform decisions.

Pros and Cons of Compound

Compound Pros

  • Higher interest rates compared to traditional banks
  • No KYC, AML, or credit score requirements
  • Established presence in the DeFi space
  • Users rewarded with COMP tokens for participation
  • Community-governed DAO

Compound Cons

  • Potential for collateral liquidation due to market volatility
  • Limited cryptocurrency options for lending and borrowing
  • Risk associated with yield farming

The Bottom Line

As a decentralized protocol built on Ethereum, Compound offers accessible and secure lending and borrowing.

With its age and proven track record, Compound stands as a reliable option in the DeFi landscape.

Frequently Asked Questions (FAQs)

  • Is Compound a Legitimate Service?
  • What is the Functionality behind Compound?
  • What are cTokens in Compound?
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Pros & Cons

  • Compound offers significantly higher interest rates compared to traditional banks.
  • Users can sign up and use the platform without the need for KYC, AML, or credit score requirements, ensuring accessibility for all.
  • As one of the established and proven protocols in the DeFi space, Compound holds a strong position.
  • Every user is rewarded with COMP, Compound’s native cryptocurrency token, which also functions as a governance token.
  • The Compound Decentralized Autonomous Organization (DAO) is governed by the community.
  • Users may face liquidation of collateral due to the volatile and unpredictable nature of the cryptocurrency market.
  • There is a limited selection of cryptocurrencies available for lending and borrowing, potentially leading to a constrained experience for certain users.
  • The yield farming process involves a heightened level of risk, as users can trade cryptocurrencies with significantly higher value than their initial holdings.

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