COMP - is the proprietary ERC-20 standard token of Compound, created to decentralize protocol management. Holders of the COMP token have the right to vote for proposed changes and propose them themselves. COMP is automatically distributed among users interacting with the platform in one way or another - depositing funds into the pool, lending, and repayment of loans.
Compound was founded in 2017 by Robert Leshner and Geoffrey Hayes. Like most DeFi protocols, Compound is a system of public smart contracts built on Ethereum. Compound is a decentralized protocol for working with cryptocurrency markets, allowing users to invest or borrow various assets. Interest rates are set algorithmically, based on the current supply and demand, and can be adjusted approximately every 15 seconds (with each new Ethereum block).