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How to get COMP coins? A detailed explanation of all ways to get COMP coins in one article
By supplying assets to Compound's liquidity pools, users can earn COMP rewards proportional to their contributions and holding duration.
Oct 03, 2024 at 12:23 pm
How to Earn COMP Coins: A Comprehensive Guide
Compound (COMP) is a decentralized finance (DeFi) platform that allows users to borrow, lend, and earn interest on their cryptocurrency holdings. COMP is the native token of the Compound protocol and can be used to:
- Govern the protocol by voting on proposals
- Earn rewards by supplying assets to the Compound liquidity pools
- Borrow assets at discounted interest rates
Ways to Earn COMP Coins
There are several ways to earn COMP coins:
1. Supply Assets to Liquidity Pools:
- Deposit supported cryptocurrencies (e.g., ETH, DAI, USDC) to the Compound liquidity pools.
- Earn COMP rewards proportional to the amount of assets supplied and the length of time they are deposited.
2. Borrow Assets:
- Borrow assets from Compound using deposited collateral.
- Pay interest on loans using COMP tokens, earning a discount on interest rates.
3. Delegate Voting Power:
- Delegate your COMP tokens to a trusted delegate.
- Earn a portion of the COMP rewards earned by the delegate.
4. Earn COMP through Liquidity Mining:
- Participate in liquidity mining campaigns offered by exchanges or DeFi protocols.
- Provide liquidity to designated trading pairs and earn rewards in COMP tokens.
5. Airdrop Distributions:
- Some exchanges or projects may airdrop COMP tokens to their users.
- Check eligible platforms for potential airdrops.
Detailed Explanation:
1. Supply Assets to Liquidity Pools:
- Visit the Compound website or app.
- Select the asset you want to supply.
- Enter the amount you want to deposit.
- Click "Deposit" and confirm your transaction.
- You will start earning COMP rewards immediately.
2. Borrow Assets:
- Select the asset you want to borrow.
- Enter the amount you want to borrow.
- Provide collateral to cover the loan amount.
- Choose "Borrow" and confirm your transaction.
- To pay interest on your loan, click "Repay" and choose to pay with COMP tokens.
3. Delegate Voting Power:
- Go to the Compound governance dashboard.
- Select a delegate from the list.
- Click "Delegate" and confirm your transaction.
- You will need to transfer your COMP tokens to the delegate's address.
4. Earn COMP through Liquidity Mining:
- Visit the liquidity mining platform or exchange.
- Find the designated trading pair for COMP.
- Provide liquidity to the pair using eligible assets.
- Earn COMP rewards as per the campaign terms.
5. Airdrop Distributions:
- Check the websites and announcements of eligible platforms regularly to stay updated about potential COMP airdrops.
- Follow instructions to claim your COMP tokens if eligible.
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