Compound is a decentralized DeFi protocol that operates on top of the Ethereum network. The platform works by allowing users to contribute or deposit crypto funds into a liquidity pool, enabling them to earn interest on their assets. Compound also allows for the tokenization of assets locked in the system by utilizing their governance token (COMP).
To reward its users, Compound uses its cryptocurrency token, COMP, to incentivize participation on both sides. Users receive COMP tokens every time they interact with the Compound protocol, whether it is borrowing, withdrawing, or repaying a loan. As a result, the protocol is used more actively and a healthy market is ensured.
COMP provides its users with added value for their loyalty and functions as a governance token. This encourages users to engage with the protocol and retain their tokens to have a say in future decisions, including interest rates and other factors that could affect their future earnings.
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