Buy Compound (COMP)
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Buy Compound in India
Compound aims to bring the concept of Savings Account into the domain of defi crypto coins. While the standard savings accounts that are created in banks do not allow its users to utilize their deposited, interest-earning money once it has been given over to the bank. Compound aims to remove this obstacle by allowing the users to spend the money that their savings accumulated without having to stop the entire process. Built on the Ethereum Smart Contracts, Compound aims for creating a system of decentralized lending and borrowing where interest rates are determined according to the supply and demand of the respective crypto asset.
What is Compound ?
Like other Decentralized Finance (DeFi) coins that are in circulation in the market, Compound is built entirely using the Ethereum blockchain network and utilizes the technology of Smart Contracts to ensure the operation of the platform. The main aim of the platform is to provide users with loans and allow potential lenders a platform to give out loans by locking their virtual crypto assets in the protocol. The interest rates that are applied on each loan varies according to the rates of the crypto assets that are locked in the protocol and according to its supply and demand. While Compound might look similar to other lending and borrowing cryptocurrency platforms on the outside, but Compound is quite different from such platforms as they tokenize the virtual crypto assets that are locked into the protocol through the use of cTokens.
History of Compound ?
Since its inception in June 2016, the Compound cryptocurrency has seen tremendous growth in its valuation, so much so that it has been tagged as one of the fastest-growing cryptocurrency and DeFi platforms in the market. In a matter of a few days, the Compound market cap, as well as the price of cToken in USD, increased exponentially and was at almost $900 million USD and $349.25 USD per token respectively. Other than that, the value of cToken in BTC also saw a tremendous rise in its values and was at 0.0373 BTC per token. Over the next few weeks, the valuation came down partially due to the Covid-19 pandemic that had struck the whole world and had affected the trading of cryptocurrencies all over the world. By August 2020, the Compound market cap had come down to $353 million USD while the price of cToken in USD was at $137 USD per token. As of 21 August 2020, the current Compound market cap is at $ 453,790,813 USD while the current price of cToken in USD stands at $177.17 USD per token.
Benefits of Compound DeFi Tokens?
The Compound platform is also considered to be different as it allows the free movement of ERC20 crypto assets that are locked into the protocol and hence can be traded and used by other decentralized applications (DAPPS). This ability of Compound lives up to the original concept of Decentralized Finance (DeFi), the ability to combine different concepts and protocols into one platform. Safety is another vital feature of the Compound cryptocurrency network. Although like every other crypto platform or financial organization or institution, there is always the risk of third-party fraudulent members hacking into the network and exploiting the Smart Contracts that control the operation of the platform. To tackle this, the Compound platform has made its source code open to everyone so that anyone with the right technical knowledge can point out mistakes in the code. Other than that, the platform has also set up bug bounties in order to encourage coders to review the Compound source code in search of bugs that can be exploited for nefarious means and get reimbursed for their efforts in return. Other than that, the platform developers also conduct frequent audits on the platform to ensure that all loopholes are closed.
Buy and Sell DeFi COMP Token in India?
There are many local cryptocurrency exchanges in India that list Compound on their platform and can be acquired using other cryptocurrencies. BuyUcoin is one of the best cryptocurrency exchange platforms that provide users with a wide variety of cryptocurrencies to choose from and offers minimum trading fees to encourage users to benefit from the cryptocurrency market.
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