Popular bitcoin exchange OKEx has announced the listing of the COMP token, the governance token of the algorithmic decentralized finance protocol Compound.
According to an announcement OKEx published, spot trading of COMP against Tethers USDt stablecoin and bitcoin opened up today, June 29, at 6 am UTC. COMP deposits have been available since 5 am, with withdrawals being opened three hours later.
Compound, for those out of the loop, is a decentralized finance protocol launched in 2017 by Robert Leshner and Geoff Hayes. It lets users borrow and lend cryptocurrencies in peer-to-peer transactions. Those who borrow need collateral to do so and must repay the funds with interest, while those who lend receive interest on their holdings.
Rates on Compound are determined by the market and change over time along with the amounts being lent and borrowed. Since its launch, Compound has grown to become a leading DeFi protocol, with over $1 billion worth of assets locked in it.
— 🤖 Leshner (@rleshner) June 27, 2020
Compounds COMP token was launched earlier this month. Its a governance token, meaning token holders have the right to vote on important decisions that affect the Compound protocol, ranging from technical upgrades to decisions on adding new cryptoassets.
The tokens are distributed to users who interact with the protocol, which incentivized some to borrow and lend on Compound in an attempt to gain more COMP tokens. CryptoCompare data shows these are trading above $230, after f ...
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