Compound price (COMP)
Buy CompoundWhat is Compound?
Compound is an ERC-20 protocol built on Ethereum's blockchain. The protocol is a lending platform that allows users to borrow money. This is done with pools, which means it ensures that no permission is needed, when someone wants to borrow money. This is possible provided users can prove they have sufficient collateral. As a lender, you can lock your COMP tokens, making the assets lendable. As a reward, you get interest on top of your lent money. Compound thus acts as a decentralised bank.
The founders of Compound is Compound Labs. They developed the protocol in 2017 with the aim of creating more robust credit markets. The peer-to-peer system allows users to lend their money to someone who wants to borrow money without an intermediary.
The protocol went tokenless in 2017. At the time, decisions on the platform could only be made by the Compound Labs team. As this was not decentralised at all, they then launched the COMP token. The COMP token is a governance token that allows holders of the token, to co-decide on changes on the platform, thus also decentralising governance.
Since 2017
Compound was founded in 2017 by Compound Labs
Tokens
The number of COMP tokens in circulation is 10 million.
Decentralised bank
Compound is a decentralised bank where you can borrow and lend assets.
What is the perfect time to buy?
Compound statistics from the last 24 hours
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Current crypto prices
More about the Compound price
The distribution of COMP tokens
The COMP tokens were initially distributed to shareholders of Compound Labs, with the aim of testing out the management of the tokens. Then distribution to users of the platform began, with tokens issued for four years. This was distributed to borrowers and lenders who were already using the platform. This attracted attention, increasing locked-in assets from $100 million to $600 million in the first week.
Last bullrun in 2021
COMP reached an all-time high during the 2021 bull run. The token then managed to reach an all-time high of $911.20 per COMP on the 12th of May. The all-time high was reached after the price doubled in just over a month. After reaching the high, the price fell sharply by more than 95%, to a low. A low was reached on 18 June 2022. The price then stood at $26.52 per COMP.
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