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Compound is an innovative decentralized finance (DeFi) protocol that allows users to lend and borrow various cryptocurrencies. Launched in September 2017 by Robert Leshner and Georgios Konstantopoulos, Compound has gained significant attention for its ability to provide an interest rate marketplace where users can earn interest on their digital assets or take out loans against cryptocurrency assets they own.
Compound operates on the Ethereum blockchain and facilitates the lending and borrowing process between users without the need for a traditional financial intermediary. Users can deposit their cryptocurrencies into the Compound protocol and earn interest, while borrowers can take out loans by collateralizing their assets. The unique aspect of Compound is its algorithmic interest rate model, which dynamically adjusts interest rates based on supply and demand.
Compound utilizes smart contracts to ensure secure and automatic transactions. Here’s how it works:
Before acquiring Compound (COMP) tokens or using the Compound platform, consider the following:
Investors and crypto enthusiasts consider adding Compound to their portfolios for a variety of reasons:
Managing your assets on the Compound platform can be seamless if you follow these steps:
In conclusion, Compound stands at the forefront of the decentralized finance movement, providing users with unique opportunities for lending and borrowing cryptocurrencies. While it offers potential benefits, it’s essential to approach it with a good understanding of the risks involved and to manage your investments proactively.
Yes, at Knaken, you can easily buy Compound with iDEAL, Credit Card, or Bancontact. Check all the options on our fees page
You can find the current price of Compound at the top of this page.
At Knaken, we believe it\'s important to be as transparent as possible about the fees charged to our customers. You can view these fees for each purchase or sale of Compound. Check out our fees on our fees page.
At Knaken, safety comes first. For years, we have ensured that you can not only buy crypto safely on our platform but also store it securely.
Search for Compound in the app or web portal and select “deposit” in the options. You will see the deposit address where you can send the crypto. Make sure to deposit Compound from a verified wallet address with Knaken.
If you prefer personal assistance, you can sign up for our free transfer service.
Yes, search for Compound in the app or web portal and select the withdraw button in the options. Note that you can only withdraw Compound to a verified wallet address.
Knaken Cryptohandel B.V. has applied for a MiCA license from the Netherlands Authority for the Financial Markets (AFM). This application is currently being assessed by the AFM.
Investing in crypto-related products involves significant risks.