Crypto lending platform Compound will start distributing COMP tokens to all users of its DeFi protocol today. 

The move follows the approval of “Proposal 007” by the Compound community, after the successful completion of a testnet trial of the COMP governance token. 

According to Compound, 1,116,310.81 COMP tokens will be distributed across “ETH, DAI, USDC, USDT, BAT, REP, WBTC, and ZRX markets, proportional to the interest being accrued in the market.”

Proposal 007 calls for 50% of the COMP tokens in each market to be allocated to suppliers, and 50% to borrowers. When an address interacts with a Compound market, it will receive all the COMP earned in that specific market, as long as it is above 0.001 COMP. 

Major US-based crypto exchange Coinbase integrated support for the Compound DeFi protocol on its wallet app in March this year, while the total number of DeFi users is expected to hit 600,000 soon. 

The Compound protocol has also been integrated with Anchorage, Fireblocks, Lumina, CryptoTaxTools, Tokentax, and Cointracker. 

AYO.NEWS says:

With traditional banks offering essentially zero interest to most savers these days, being able to earn interest on cryptocurrencies is becoming a real attraction to holding digital assets, and is clearly a driving force in the mainstream adoption of DeFi, so platforms like Compound seem set for a bright future. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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