What is comp currency (How is the comp currency in 2021)
What is comp currency? comp currency is a programmable, permissionless network p
What is comp currency? comp currency is a programmable, permissionless network protocol like ERC20 tokens. Users can use their wallets to conduct cryptocurrency transactions without any intermediaries such as banks and third-party intermediaries. comp is a digital asset (DLT) that executes automated operations through smart contracts. It allows people to transfer funds without a central administrator and provides tools for DeFi to others.
Compound is a lending platform based on the Ethereum blockchain, designed to allow borrowers to earn interest or loan income without relying on centralized exchanges.
How is the comp currency in 2021
How is the Compound currency in 2021? How will it play a role in DeFi?
According to statistics, the total lock value of DeFi projects this year is 8.57 billion US dollars, with Compound’s lock value ranking first. Compound is a decentralized stable currency issued on the Ethereum blockchain, and its governance token COMP has increased more than 10 times since its launch. Currently, its market value exceeds 60 billion US dollars, accounting for about 50%.
With the hot DeFi market, Compound is addressing the issue of lack of trust in high-risk assets by its innovative yield farming protocol. Compound’s smart contracts allow holders to profit from platform dividends using variable interest rates and fixed return rates, which is very favorable for DeFi. Compound is a platform built on an open financial network that supports many applications, including borrowing, insurance, and more. In addition, Compound provides an unsecured loan solution that allows anyone to conduct cryptocurrency transactions without borrowing from banks or brokers, without worrying about fund loss.
Regarding the price trend of the comp currency, according to CoinMarketCap’s data, as of writing, the Compound price is hovering around $0.049. In comparison, the 3rd largest DeFi token in the Bitcoin market is Aave, Synthetix, and others. Based on historical data, the performance of comp currency is better than BTC and ETH (recent 30-day performance).
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