OKEx, a cryptocurrency spot and derivatives exchange, today announced its new listing of COMP, the native token of Compound, an algorithmic, autonomous interest-rate protocol on the Ethereum blockchain.
COMP spot trading against USDT and BTC opened at 6:00 am (UTC) today, June 29. Depositing COMP is available as of 5:00 am (UTC) on June 29 and withdrawal as of 9:00 am (UTC), according to the announcement.
Launched in 2017, Compound was co-founded by Robert Leshner and Geoff Hayes to allow users to borrow, lend and earn interest on cryptocurrency in peer-to-peer transactions through a decentralized protocol. Since then, Compound has grown to become one of the cornerstones of the DeFi industry and a large DeFi protocol, with more than $600 million worth of crypto assets locked in it.
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COMP is a digital token, referred to as a “governance token.” This is because COMP grants its holders the right to vote on important decisions that affect the protocol, from a technical upgrade on the platform to the decision to incorporate a new crypto asset.
“Compound has long been leading the field in decentralized finance, yet thanks to its continued innovation and development, it has now become the largest player in DeFi and a shining example of how far development has come in this space,” said CEO of OKEx, Jay Hao.
“We are extremely pleased to be able to help foster the growth of the DeFi ecosystem alongside Compound. It is our belief at OKEx that DeFi will eventually disrupt traditional finance and provide equal opportunities for everyone to access financial services. This, in turn, helps us to realize our vision at OKEx, which is to #FinanceAll,” he added.