Cryptocurrency Q&A
What is comp coin used for?
What is comp coin used for?
ShintoMystical
Sun Oct 27 2024
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5 answers
1385
I'm curious about the purpose of COMP coin. I want to know what it's used for and what kind of transactions or activities it's involved in. Can someone explain its functionality and where it's commonly applied?
5 answers
SsangyongSpiritedStrengthCourage
Tue Oct 29 2024
By depositing their cryptocurrency into lending pools, users make it accessible to borrowers.
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SsamziegangSerenadeMelody
Tue Oct 29 2024
Lenders are rewarded for their deposits by earning interest on the assets they contribute.
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Eleonora
Tue Oct 29 2024
Upon depositing, Compound issues a new type of cryptocurrency known as a cToken to the lender.
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Maria
Tue Oct 29 2024
Compound provides a platform where users can engage in cryptocurrency lending.
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CryptoProphet
Tue Oct 29 2024
This cToken serves as a representation of the deposit made by the lender on the Compound platform.
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