OKEx, one of the biggest cryptocurrency exchanges in the world, announces that they are going to list Compound on their exchange. Compound is an ERC-20 Token, it was launched in 2017, its ranking 23rd on Coinmarketcap at the time of publication. Its aim is to allow users to borrow, lend, and allow users to earn on cryptocurrency in a P2P decentralized transfer protocol.
On June 29, OKEx said that when COMP is added, it will be traded against Bitcoin (BTC) and Tether (USD), the token was added on 6:00 AM UTC, June 29. Traders are now able to deposit, withdraw, and trade Compound on OKEx.
Compound growth
Not only OKEx has listed COMP as one of the tradable tokens but, also Coinbase, Coinbase recently added COMP on Coinbase pro. On the official Coinbase blog, Coinbase said:
"Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens."
What makes COMP unique from other cryptocurrencies is the fact that anyone can propose a change to COMP lending protocol, after a proposal anyone holding at least %1 of the total COMP supply will then be able to vote. Once a proposal has been made, COMP owners will be given a time frame of 3 days to vote, once a proposal has received %4 of votes with a major support, it can take up 2 days for the change to be implemented.