Trading Compound is haram! See info below;
What is Compound?
Compound (COMP) is the governance token of the Compound protocol, a decentralized lending platform on the Ethereum blockchain. It facilitates borrowing and lending cryptocurrencies at variable interest rates.
Key Features of COMP
- Governance: COMP token holders can participate in voting on proposals to steer the development and future of the Compound protocol.
- Supply and Borrow Incentives: Previously, COMP tokens were distributed as incentives to users who supplied or borrowed assets on Compound. (Subject to change)
Uses of COMP Token
- Governance: COMP holders have the power to influence the Compound protocol’s direction through voting on proposals.
- Potential Past Rewards: In the past, users received COMP tokens for supplying or borrowing on Compound. (Not guaranteed anymore)