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What currency is COMP? What does COMP coin mean?
COMP, the governance token of the Compound protocol, allows holders to participate in decision-making, use it as collateral, and earn rewards for supporting the ecosystem.
Oct 01, 2024 at 07:30 am
1. What is COMP Currency?
COMP is the native token of the Compound protocol, a decentralized lending platform built on the Ethereum blockchain. It is a governance token that grants holders voting rights on protocol proposals and enables participation in the decentralized governance of Compound.
2. What is COMP Coin?
COMP coin is the ERC-20 token representing the COMP currency. It is used for the following purposes:
- Governance: COMP holders can vote on protocol proposals, including interest rate adjustments, collateral types, and protocol upgrades.
- Collateral: COMP can be used as collateral on the Compound protocol to borrow assets without selling them.
- Rewards: COMP is distributed to suppliers and borrowers on the Compound protocol as a reward for participating in the ecosystem.
3. Features of COMP Currency:
- Decentralization: COMP is governed by the community of token holders, ensuring transparency and fair decision-making.
- Scarcity: The maximum issuance supply of COMP is limited to 10 million tokens, which helps maintain its value.
- Utility: COMP provides users with governance rights, collateralization options, and rewards within the Compound ecosystem.
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