TimeX lists Compound (COMP)

We are thrilled to announce that markets for COMP/BTC and COMP/USDT are live!

TimeX now supports trading for COMP, the governance token for the Compound protocol.

Compound is one of the largest and most exciting projects in the DeFi space. It’s a decentralised lending platform that enables users to lock popular Ethereum tokens and borrow other tokens against them — effectively allowing them to go long or short on crypto they hold.

DeFi’s latest winner

While the Coinbase-funded platform launched in 2017, it recently started distributing its governance tokens, COMP, to users. That move has seen Compound’s value soar, both in terms of the price of COMP, and the important metric of Total Value Locked (TVL) in the protocol.

The idea is that crypto holders can monetise assets that would otherwise lie dormant in their wallets, buying other tokens without selling what they have, or even leverage their holdings by using a token as collateral to buy more of the same token.

Users are paid to make funds available to the market, and charged to borrow tokens, with the rates algorithmically calculated according to supply and demand. However, users additionally earn COMP tokens as a reward for both borrowing and lending assets, since both are important activities for the protocol.

Bitcoin and Tether markets launched

TimeX now offers a new venue for trading COMP which, as the governance token for Compound, will turn out to be an extremely important part of the ecosystem.

Traders can now buy and sell COMP against both BTC and USDT, enabling them to get hold of tokens or sell the proceeds of their earnings from Compound.

As an ERC-20 token, COMP can be withdrawn to MetaMask or any other popular Ethereum wallet. (If you are using your COMP to vote on changes to the Compound protocol, you can currently use Coinbase, Ledger or MetaMask.)

DeFi is going to be a huge theme for blockchain in 2020 and beyond, so watch this space! We’ll no doubt be listing more popular tokens in the coming weeks and months.

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