Records in the crypto world keep being smashed in the twinkling of an eye, and this week, Compound (COMP) became the 22nd most valuable cryptocurrency, according to data seen from CoinMarketCap. Its price surged to over $310 (June 21) per token before cooling at $281, as at the time this report was drafted, up from about $216 on June 20, 2020.
What you need to know about Compound (COMP): It is a type of an Ethereum token that is designed to comply with the Compound protocol. This protocol allows any individual to borrow or supply Ethereum tokens through a decentralized system Compound (COMP). Suppliers earn commission on the crypto token they supply to the Compound protocol and borrowers pay interest to their lenders.
In addition, customers using the Compound lending platform began earning the token this week, with the surging cryptocurrency getting a boost from America’s leading cryptocurrency exchange, Coinbase announcing with details that it would begin listing the token.
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“Once sufficient supply of comp is established on the platform, trading on our comp-U.S. dollar and comp-bitcoin order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met,” Coinbase said in a blog post.