Leading Bitcoin Exchange Will Distribute Compounds to Coinbase Users
On Friday, June 26, Coinbase announced that it has added Compound ( COMP ) support to the "Coinbase Earn" education system, which rewards users to learn about different cryptocurrencies .
Leading Bitcoin Exchange Will Distribute Compounds to Coinbase Users.
On Friday, June 26, Coinbase announced that it has added Compound ( COMP ) support to the “Coinbase Earn” education system, which rewards users to learn about different cryptocurrencies .
What is Compound?
“Compound is an algorithmic, autonomous interest rate protocol developed to unlock the universe of open financial applications for developers.”
The first version of the Compound was released on the Ethereum blockchain on September 28, 2018. Initially, the smart contract money market, then five different crypto assets; Ether ( ETH ) allowed algorithmic lending for TrustToken (TrueUSD), 0x (ZRX), Basic Attention Token (BAT) and Augur (REP).
The ERC-20 token COMP was launched for the first time on June 15, after it was distributed to all users of the Compound protocol.He started trading on COMP Coinbase Pro on June 23 and was listed on Coinbase yesterday.At the time of writing, Compound was trading at $ 245.17 with a gain of 10.91% in the last 24 hours. In the 7-day period, it increased by 67%. The market value of $ 627 million takes COMP 23th in CoinMarketCap and makes it the most valuable Defi token.
What is Coinbase Earn?
Coinbase Earn was first launched on December 19, 2018 with an “invite only” and gave some lucky users the chance to learn about 0x (ZRX).Coinbase explained the motivation behind Coinbase Earn as follows:
“COINBASE EARN ALLOWS USERS TO EARN CRYPTOCURRENCIES WHILE LEARNING IN A SIMPLE AND ENGAGING WAY. THE IDEA ALLOWS USERS TO LEARN MORE ABOUT AN ASSET’S UTILITY AND ITS UNDERLYING TECHNOLOGY, WHILE ALLOWING THEM TO TRY SOME ASSETS. ”
Basically, users watch a short video in each lesson, and after that they can participate in various exams where they are rewarded with certain amounts of crypto and get rewards. They can receive approximately $ 2 in a particular cryptocurrency reward for each lesson they prove.
Although Coinbase Earn is available in more than 100 countries where Coinbase operates, eligible users in the following countries can currently join Coinbase Earn: New York or Hawaii state, UK, many countries in the European Union (Belgium, Switzerland, Denmark, Ireland, Germany, Iceland, Luxembourg, Netherlands, Norway, Sweden), Canada, Singapore, Australia, Hong Kong, New Zealand, South Korea and Taiwan. Users in other jurisdictions where Coinbase operates can join a waiting list and receive notifications when Coinbase opens access to it.Eight crypto assets (0x, Basic Attention Token, Zcash, Stellar Lumens, EOS, Dai, Tezos and Orchid) have been supported in Coinbase Earn to date.
Coinbase supports Earn Compound
In a blog post published today, Coinbase described the ninth cryptocurrency that users want to learn as follows:
“COMP IS AN ETHEREUM TOKEN THAT MANAGES THE AUTONOMOUS COMPOUND PROTOCOL. THE PROTOCOL ALLOWS ANYONE TO BORROW AND LEND ETHEREUM TOKENS FROM A DECENTRALIZED MARKET. ”
Coinbase users can earn $ 9 COMP by completing the 3-course Compound protocol training at Coinbase Earn:
- Earning interest with Compound ($ 3)
- Crypto borrowing with Compound ($ 3)
- What is COMP token? ($ 3)