What is Compound (COMP)?

Website: https://compound.finance

Maximum Supply: 10,000,000 COMP

Total Supply: 10,000,000 COMP

Circulating Supply: 5.075,624 COMP

Explorer: Compound Explorer

Whitepaper: Compound Whitepaper

What is Compound (COMP)?

Compound is an ERC-20 based decentralized finance (DeFi) based, open and accessible smart contracts system. Compound provides convenience for cryptocurrency loan transactions. Compound is a DeFi protocol that allows users to earn interest by depositing their cryptocurrencies into one of the many pools supported by the platform. When users deposit their tokens into a Compound pool, they receive cTokens in return. For example, when you deposit ETH into a Compound pool, you will receive cETH in return. These cTokens represent the user's share in the pool and can always be used to recover the crypto money originally deposited in the pool. Compound allows each user who deposits the Ethereum tokens it supports to easily earn interest and get a secured loan based on their balance. In addition, it aims to change the system with an open credit platform so that there is no need for mutual trust by doing these. Compound is set apart from other similar protocols with its community governance. Owners of the platform's own governance token, COMP, can propose changes to the protocol, discuss and vote on whether to implement the changes suggested by others, without any intervention from the Compound team.

Who/By Who Was Compound Developed?

Compound was founded in 2017 by Robert Leshner and Geoffrey Hayes, who previously worked at the online food service Postmates. Both remain executives at Compound Labs, Inc, the software company behind the Compound protocol. The Compound team now consists of more than a dozen experts, of whom almost half are engineers.