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Information about Compound (COMP)
Compound is a decentralized finance (DeFi) platform built on the Ethereum Blockchain. The platform is mainly focused on helping users earn interest on loans or access crypto loan packages.
The interest rate will be calculated using an algorithm based on the asset’s level of supply and demand. For example, if demand increases, interest rates will increase, while supply increases, interest rates will decrease. This is a crucial point in choosing a lending cryptocurrency.
COMP coin is an ERC-20 token and the native token of the Compound ecosystem. This token has a total supply of 10 million USD COMP. Of which 42.3% is used to pay users when they use the platform, for example, borrow or lend assets.
News
ChainAware.ai has introduced a revolutionary Web3 User Analytics Dashboard. This platform aggregates critical data from popular decentralized finance protocols, including Aave and Compound, empowering users with real-time analytics and improved engagement strategies.
The dashboard also incorporates fraud risk assessment capabilities, enabling users to identify potential security threats. This ensures effective risk mitigation while preserving a seamless user experience, vital for maintaining trust in a dynamic market.
Robert Leshner has been appointed to Nansen’s Board of Directors. Leshner, the CEO of Compound, brings significant experience in DeFi and will assist in expanding Nansen’s product offerings.
Nansen Plans to launch Nansen Points in Q2 2025, allowing users to earn points retroactively. Current market performance shows COMP coin priced at 44.15 USD, experiencing daily, weekly, and monthly fluctuations.
COMP is at a crucial support level, and recent market activity has been predominantly bearish, with significant selling occurring weekly.
In the last week, COMP has dropped by 12.31%, and by 24.92% over the month. A declining open interest of 1.83% identifies seller dominance.
If COMP breaches its support level, the price could fall further, aligning with a bearish flag pattern and challenging current market confidence.
Compound (COMP) is currently at a pivotal support level of 46 USD. Although the daily chart shows a bearish trend, enhanced buying pressure indicates a possible upward price movement.
The formation of a symmetrical triangle pattern hints at a potential 20% price increase. Investors should also monitor longer-term on-chain metrics for actionable insights.
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