The chemist “DePocket” has just added a new “substance” to the collection: Compound.
Compound: an autonomous lending and borrowing platform
Compound, developed by Compound Labs, is an autonomous protocol that uses algorithms to determine interest rates at the most affordable level. It is permissionless. Besides, both user verification and identity systems are not required. Thus, anyone can easily access it at any time and anywhere. Numerous financial applications can take advantage of this real-time interest rate calculation.
In terms of individuals, who are accounted as the majority of users, Compound can be considered as a platform for borrowing and lending cryptocurrencies. Users can earn interest by staking the supported tokens to the pools. Or, after making a mortgage, customers can borrow a lower value in tokens with a certain interest. The quantity and demand of tokens deposited and borrowed in the pool will determine the interest rate.
COMP, the native token of Compound, has its own use case of both rewards and governance. Users are rewarded with COMP when they interact with the platform by lending, borrowing, or paying for the loan. Moreover, anyone who holds not less than 1% of COMP total supply is eligible to take part in the governance process, including submitting or voting for any ideas. One COMP is counted as one vote. Currently, COMP is being traded at around 60 USD on various CEXs, including major ones like Binance, Coinbase Exchange, or FTX.
A new “substance” in DePocket’s collection
After some complex “reactions”, the chemist DePocket has just “synthesized” a new “substance”, Compound. This is a very well-known lending platform with nearly 3 billion dollars in total value locked, according to Defi Llama. Its autonomous mechanism has been very attractive to users because there are no restrictions. In addition, with around 20 supported tokens, the ability to track all the investments of users is highly limited. Understanding the situation, DePocket has taken the opportunity to integrate into our dashboard.
COMP is an ERC-20 standard token. So you have to pay attention to the balance in the Ethereum zone. In addition, DePocket also supports monitoring your investment in borrowing and lending on Compound. Everything stays the same as it has been. Open the DePocket app and enjoy!
Try our demo wallet here: https://app.depocket.com/addresses/0xabde2f02fe84e083e1920471b54c3612456365ef
The market is showing good signs with the increase of trading volume, despite the fact that BTC has remained stable in recent days. This may be a good time to stock more coins. And a good way to track them is with DePocket.
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