Compound's COMP Token Takes DeFi by Storm, Now Has to Hold Top Spot - 0 views
-
John Kiff on 03 Jul 20Compound's COMP token became the largest decentralized finance (DeFi) token by market capitalization only days after its June 16 launch. Compound, developed on the Ethereum blockchain, allows anyone holding a supported crypto-asset to deposit it into a Compound smart contract where it joins a liquidity pool and starts generating interest. The interest comes from other users that borrow funds and pay interest for the loans. Users can also borrow crypto from Compound by putting up collateral above a threshold defined by the project. https://decrypt.co/resources/compound-defi-ethereum-explained-guide-how-to