Compound (COMP) Pops 7%: Time To Invest?

On the crypto market, some coins gain profit when others fall. The same situation happened today with COMP. The crypto was moving upwards on the chart from $300 to $319, making a 7% increase. For today, the total market capitalization is $1,882,501,715 which moves the token on the #69 place among other coins. The highest point through the week was at $369.69 when the lowest was at $292.42.

The compound is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform. To learn more about this project, check out our deep dive of Compound. When a user deposits tokens to a Compound pool, they receive cTokens in return. These cTokens represent the individual’s stake in the pool and can be used to redeem the underlying cryptocurrency initially deposited into the pool at any time. For example, by depositing ETH into a pool, you will receive cETH in return.

Michael Rowels

Weekend Contributor.Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.