The OKEx cryptomoney exchange has just listed the Compound COMP token and can now be traded.
COMP is the native token of Compound, a protocol of DeFi (decentralized finance) that allows its users to earn interest on deposits or lend out cryptom currencies. Loans and credits in Compound are managed through a decentralized protocol based on peer-to-peer blockchain.
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After its launch in 2017, the platform grew to rank first among all DeFi services in terms of the total value of insured assets, according to DeFi Pulse. According to the same source, there are currently nearly USD 628 million insured in the ecosystem.
As Cointelegraph recently reported, COMP has suffered large losses after its meteoric first day of trading on Coinbase. The token was included in Coinbase Pro earlier this month, shortly before the launch on the major cryptomoney trading platform Coinbase.
High hopes for DeFi
COMP gives its holders the right to vote on decisions that influence the platform. OKEx CEO Jay Hao said:
„Compound has long been a leader in the field of decentralized finance, but thanks to its continuous innovation and development, it has now become the biggest player in The News Spy and a shining example of how advanced development has been in this space.
Hao also explained that OKEx believes that „DeFi will eventually create disruption in traditional finance and provide equal opportunity for all to access financial services.
In a June 29 announcement, OKEx stated that COMP’s spot trading against Bitcoin (BTC) and Tether’s stablecoin USDT began at 6 AM UTC today. COMP’s deposits were initiated one hour earlier and withdrawals one hour after trading began.