Compound (COMP) Review
Compound (COMP) is an ERC-20 asset that powers the community governance of the Compound protocol; COMP token-holders and their delegates debate, propose, and vote on changes to the protocol. By placing COMP directly into the hands of users and applications, an increasingly large ecosystem will be able to upgrade the protocol and will be incentivized to collectively steward the protocol into the future with good governance.
As an algorithmic interest-rate protocol on Ethereum, assets can be supplied and borrowed by individuals without any intermediaries. Interest rates are compounded at a block-level on Ethereum and over-collateralization. Individuals can supply assets to earn yield while borrowers can provide assets that are used as collateral to borrow other assets. The borrowing/lending rates are algorithmically determined by market dynamics. When the asset supply increases in conjunction with deposits, borrowing/lending rates decrease.
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