What is Compound and how does it work in the world of cryptocurrency?

3 answers

• Dec 25, 2021 · 3 years ago
  Compound is a decentralized lending protocol built on the Ethereum blockchain. It allows users to lend and borrow various cryptocurrencies without the need for intermediaries like banks. By utilizing smart contracts, Compound enables users to earn interest on their deposited assets or borrow against them. This platform provides a unique opportunity for individuals to participate in decentralized finance and earn passive income through lending.
  447224
• Dec 25, 2021 · 3 years ago
  Compound is like a digital bank where you can deposit your cryptocurrencies and earn interest on them. It's all done through smart contracts, so there's no need to trust a centralized authority. You can also borrow against your deposited assets by using them as collateral. The interest rates are determined by supply and demand, which means they can fluctuate. It's a great way to put your idle crypto assets to work and potentially earn some extra income.
  457153
• Dec 25, 2021 · 3 years ago
  Compound is a decentralized lending platform that allows users to earn interest on their cryptocurrencies or borrow against them. It's a popular choice among cryptocurrency enthusiasts because it offers competitive interest rates and a wide range of supported assets. With Compound, you can earn passive income by supplying your crypto assets to the platform, or you can borrow against your assets if you need liquidity. It's a flexible and efficient way to manage your crypto holdings.
  486122