Cryptocurrency exchange OKEx have just listed Compound’s COMP token for trade.
COMP is the native token of Compound — a DeFi protocol that allows its users to earn interest on deposits or lend cryptocurrencies. Lending and borrowing on Compound are managed through a decentralized peer-to-peer blockchain-based protocol.
After its 2017 launch, the platform grew to reach the top spot among all the DeFi services based on the total value of assets locked, according to DeFi Pulse. According to the same source, there are currently nearly $628 million currently locked in the ecosystem.
As Cointelegraph recently reported, COMP has suffered heavy losses after its meteoric first day of trading on Coinbase. The token was listed on Coinbase Pro earlier this month, shortly before the release on Coinbase’s main crypto trading platform.
High hopes for DeFi
COMP grants to its holders the right to vote on decisions that influence the platform. OKEx CEO Jay Hao said:
“Compound has long been leading the field in decentralized finance, yet thanks to its continued innovation and development, it has now become the largest player in DeFi and a shining example of how far development has come in this space.”
Hao also explained that OKEx believes “that DeFi will eventually disrupt traditional finance and provide equal opportunities for everyone to access financial services.”
In a June 29 announcement, OKEx stated that COMP spot trading against Bitcoin (BTC) Tether’s USDT stablecoin began at 6 AM UTC today. COMP deposits launched one hour before and withdrawals one hour after trading started.