Compound is software that runs on Ethereum. It incentivizes a distributed network of computers to operate a traditional money market. The compound is a DeFi protocol that allows users to lend and borrow cryptocurrencies without an intermediary. Compound awards deposits with a new cryptocurrency called a cToken, whereas the COMP token is the native crypto of the protocol. When users borrow, withdraw or repay an asset, they earn COMP tokens. Compound rewards lenders with COMP tokens based on the amount of cTokens held in their wallet. This protocol and the COMP token are based on the ERC-20 standard.
How To Buy Compound or Add it to your strategy
The fastest, most convenient way to purchase Compound is to purchase it on ICONOMI. We check Compound live prices on 10+ crypto exchanges and buy it at the best market price.
You can buy Compound by adding it to your private Crypto Strategy (crypto portfolio). You can also use our recurring buy feature that tends to level out cryptocurrency price volatility effects. You can find out more about how to benefit from smaller investments at regular intervals on our blog article.
We recommend you do your own research and cryptocurrency analysis. Experienced crypto trades use fundamental and technical analysis to evaluate if Compound is a good buy/sell. Fundamental and technical analyses are the two most common types of analysis used in trading traditional assets (e.g. stocks and bonds).
If you are unfamiliar with analyzing cryptocurrency prices and want to buy Compound, we recommend you read the next section, as copying might be a better approach.
Add Compound to your portfolio by copying a Strategy
If you are not skilled at these, consider a different approach to investing in cryptocurrencies. You can learn from and copy seasoned crypto traders on ICONOMI who regularly share their insights and manage their public Crypto Strategies. Go to the strategies page and use the “ticker” filter to find out which public Crypto Strategies have Compound in their structure.
What do you think about YFI and why is it so expensive?