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COMP is the native token of Compound, a DeFi lending platform.
On the front end, Compound is an interest rate market where users can deposit cryptocurrency and immediately start earning returns on it. On the back end, it's a series of liquidity pools.
How to buy COMP
Follow these steps to purchase your first Compound.
- Compare crypto exchanges
The easiest way to buy COMP is from a cryptocurrency exchange. Use our comparison table to find an exchange with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – Bank transfer, debit card, wire transfer and credit cards are all widely accepted.
- Buy Compound
You can now exchange your funds for COMP. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking "buy". If you like you can now withdraw your COMP to your personal wallet.
Where to buy COMP in Australia
Find an exchange to buy, sell and trade Compound by comparing deposit methods, supported fiat currencies and fees. Select Go to site when you've found a fit.
A step-by-step guide to buying Compound
Want to buy Compound? Follow these simple steps:
Step 1. Create an account on a cryptocurrency exchange that allows you to trade COMP
Compare exchanges that support COMP, then determine if the exchange you choose supports buying COMP with Australian dollars (AUD), Bitcoin (BTC) or Ethereum (ETH). You'll need to provide your email address and create a password to register for an account.
- Note: It's also recommended that you set up two-factor authentication to provide an extra level of security.
Step 2. Deposit funds into your account
Many cryptocurrency exchanges only allow trading between cryptocurrencies and don't allow the direct deposit of fiat currency, such as AUD, so you'll usually need to own or buy BTC or ETH first.
- Note:The exact process for depositing funds into your account varies depending on the exchange you choose.
Step 3. Buying COMP
The final step is to trade your chosen currency for COMP on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.
Which wallets can I use to hold COMP?
Unless you're looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it's generally much safer to store your COMP in a secure wallet.
How does Compound work?
When someone deposits funds in Compound, those funds are locked up and they receive cTokens in return. The interest earned from the deposited funds accrues directly to the cToken.
Individuals can turn to Compound to earn interest on their cryptocurrency, while supplying liquidity, and developers can tap into Compound for a source of liquidity, while further bolstering the Compound platform.
The idea is that many people will be accessing the underlying Compound platform through many different applications, and that it will become an important tool underlying many other parts of the DeFi ecosystem.
To this end, Compound aims to become more resilient and open by decentralising its governance across a community of token holders.
|Circulating supply (approx. as of August 2020)||~3,210,000 COMP|
What does the Compound cryptocurrency do?
The COMP token is the governance token of the Compound platform. It is used to practice a type of on-chain governance.
Users who hold at least 100,000 COMP are able to make proposals for the network to consider. If enough other COMP holders vote in favour of the proposal, and the requisite minimum number of votes and majority of voters is met, a proposal is passed.
It also serves as a mild incentive, as Compound users are rewarded with COMP tokens simply for using the network.
In addition to its governance powers, the COMP token can also be bought and sold.
Key factors to consider when buying Compound
At the time of writing, Compound is the third-largest DeFi protocol in terms of total value locked and is trusted by thousands of market participants.
With COMP rewarded to users of the platform, as the platform use increases the value of COMP will linearly increase.
COMP powers the Compound governance system meaning users are incentivised to hold COMP in order to influence protocol development.
How to sell COMP
To sell the native COMP token find a cryptocurrency exchange that it is listed on. This could be a centralised or decentralised exchange. You will then need to follow a similar process to that depicted in Step 3 above. Select the cryptocurrency, stablecoin or fiat currency you would like to exchange your COMP tokens for. Once you have found an exchange pairing you are happy with, look for the 'Sell COMP' button and enter the amount you wish to sell.
Frequently asked questions
How do I receive COMP?
COMP can be purchased directly from an exchange or it can be earned through the use of the Compound borrowing and lending platform.
How is COMP accrued on the Compound platform?
A user must either supply or borrow digital assets to accrue a percentage of the daily COMP distribution.
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