How to Buy Compound (COMP)

While it is not possible to offer an accurate COMP price prediction over any duration, we recommend monitoring the following fundamental factors to gain a better insight into COMP price statistics:

Level of On-chain Activity on Compound

As more users sign up to lend and borrow cryptocurrencies through Compound, the higher on-chain activity could drive up the value of COMP crypto. This also increases as the Compound protocol adds support for more crypto assets or expands to new blockchain networks in the future.

Investor Outlook

A positive outlook towards decentralized finance services fosters lending and borrowing activity on Compound, supporting the COMP price. On the other hand, adverse developments in the market could keep DeFi users away, reducing the liquidity on Compound, and driving down the demand for the COMP token. This, in turn, could weaken the value of Compound cryptocurrency.

Market Sentiment

Regarding digital assets, market sentiment is significant in determining price trends. The COMP price, too, could head higher amid investors’ bullish or risk-on mood. On the other hand, a bearish or risk-off sentiment could cause sell-offs in the crypto market that could lower the Compound price.

COMP is the native cryptocurrency of the Compound ecosystem. It serves the following functions:

Governance Token

As a $COMP holder, you can participate in the decentralized governance mechanism of the Compound protocol. You can debate, submit proposals, and vote on other proposals that decide how Compound evolves and functions in the future. You can also delegate your COMP tokens to other voters and participate indirectly in Compound’s governance.

Crypto Asset to Trade and HODL

Trade Compound token against other crypto assets to profit from changing market conditions and volatility. You can buy or sell COMP against other digital assets or hold it long-term if you believe in the future potential of Compound protocol. Review the live price of Compound cryptocurrency, COMP market cap, circulating supply, 24-hour trading volume, and the latest crypto news before trading COMP in the market.

Earn Passive Income on KuCoin

KuCoin lets you earn passive income on your COMP holdings and grow your crypto portfolio conveniently. Head to the KuCoin Crypto Lending section to lend liquidity in COMP to our platform. Earn attractive daily interest over seven days, 14 days, or 28 days, and grow your COMP holdings risk-free and safe.

While the Compound protocol doesn’t support COMP staking, several platforms let you stake COMP and grow your holdings. You can, however, lend or supply COMP on Compound and grow your holdings. Here’s how:

1. Connect your non-custodial crypto wallet to the Compound app. Ensure that you have sufficient COMP tokens to supply by buying Compound crypto on KuCoin or other supported platforms and withdrawing your tokens to your wallet.

2. On the homepage of the Compound app, select the Compound Governance Token (COMP) from the list in the Supply Markets section.

3. Check the latest Supply APYs on offer and click on Enable.

4. Enter the number of COMP tokens you wish to supply to Compound and confirm the transaction from your wallet.

5. Sit back, earn interest, and grow your COMP holdings in this manner using Compound.

Compound is a decentralized lending and borrowing platform that lets you earn interest by supplying supported crypto assets. You can make money by supplying or lending liquidity to the pools of supported cryptocurrencies.

As of January 2023, you can lend/supply AAVE, COMP, DAI, ETH, LINK, SUSHI, TUSD, UNI, USDC, USDP, USDT, and WBTC on the Compound platform. Review the APYs on offer and select the crypto that offers the best returns.

Enable the Supply function after ensuring you have sufficient funds in your wallet to cover the transaction and associated gas fees. Sit back and earn interest based on the APYs to make money using Compound’s DeFi services.