Compound is definitely known as one of the crypto currency projects that the crypto currency sector has heard the most in recent months. COMP Coin, one of the projects that caused the DeFi explosion in 2020, could continue to make its name heard in the coming years. So what is COMP Coin, which broke records in 2020 and attracted the attention of many investors, and what do Compound Coin reviews indicate?
What is Compound Coin?
First of all, understanding exactly how COMP Coin’s system works will also make Compound Coin comments clearer. COMP Coin is an ERC-20 token based on the Ethereum infrastructure, like many DeFi protocols. What lies behind COMP’s such rapid rise, which was one of the projects that caused the rise of DeFi in 2020, and what kind of infrastructure does it have?
There are two different token systems in the Compound network: the network’s management token COMP and cToken. As can be guessed, COMP Coin allows users to be rewarded in return for governance decisions and Staking or Yield Farming. The network’s other cryptocurrency, cToken, is transferred to different blockchain networks and can be bought and sold there.
If they wish, users can produce the “c version” of many cryptocurrencies based on the ETH network. That is, many new tokens such as cUSDT, cUSDC, cETH can be produced based on the COMP network, and their value can remain the same as the originals. Compound, initiated by Robert Leshner, seems to have a complete ecosystem in its own infrastructure.
Of course, in addition to this unique structure, users also have access to DeFi features.
COMP Coin Review
At the forefront of COMP Coin comments is the fact that it has a bright future due to being DeFi-based. Users seem to use COMP Coin for a longer time due to both cTokens and DeFi infrastructure. Being able to take or give a loan through smart contracts without any central institution or intermediary also increases its chances of rising and holding on.
In fact, the likelihood of COMP Coin’s rise can be calculated even from the answer to the question “What is COMP Coin?” and it can be said that this is quite high. COMP Coin can be purchased from the popular decentralized exchange Uniswap, as well as directly from Binance for those who want more liquidity, security, and convenience.
Buy COMP Coin
To buy COMP Coin on Binance, just follow the steps below:
- To buy COMP, you first need to deposit USD balance on the exchange or buy a cryptocurrency that can be used instead. For this, first go to the Binance homepage, click on the “Buy Crypto” option in the upper left, and then click on the “Credit/Bank Card” tab.
- In the opened tab, select how much USD you want to trade and mark Tether, that is USDT, in the Coin section.
- After purchasing USDT, preview the “Buy-Sell” option in the upper left again and click on the “Classic” tab.
- In the opened section, select the USDT tab in the upper right, type COMP in the search button and select the COMP /USDT pair that opens below.
- Then come to the middle “BUY COMP” tab, enter the amount you want to buy.
- Enter the amount you want and complete the COMP buying process by confirming the transaction.
