What coin is COMP? COMP coin online trading platform, total amount detailed introduction

COMP, a decentralized finance token on the Compound protocol, enables users to earn rewards for providing liquidity and participate in the protocol's governance.

Oct 14, 2024 at 05:35 am

What is COMP?

1. Definition: COMP, also known as Compound, is a decentralized finance (DeFi) token native to the Compound protocol, a platform that allows users to lend and borrow cryptocurrencies.

2. Features: COMP holders have the ability to:

   • Earn COMP rewards for providing liquidity to the Compound protocol.
   • Govern the protocol's development and parameters through voting.
   • Participate in protocol governance and fee distribution.

3. Tokenomics:

   • Total Supply: 10,000,000 COMP
   • Circulating Supply: Approximately 5.7 million COMP (as of June 2023)

   • Distribution:

     • 42% allocated to users
     • 28% allocated to founders
     • 20% allocated to investors
     • 10% allocated to the ecosystem
4. Online Trading Platforms:

COMP can be traded on various online exchanges, including:

• Coinbase
• Binance
• FTX
• Kraken
• Uniswap
• Sushiswap

5. Price History:

COMP has experienced significant price fluctuations since its initial launch in June 2020.

• All-time high: $985.09 on May 12, 2021
• All-time low: $41.50 on March 12, 2020

6. Use Cases:

Beyond providing liquidity to the Compound protocol, COMP is also used for:

• Governance: COMP holders can submit and vote on proposals to improve the protocol.
• Collateral: COMP can be used as collateral for loans on other DeFi platforms.
• Staking: COMP can be staked to earn additional rewards or voting power.