What is Compound (COMP)?
Compound is an algorithmic money market that allows users to lend and borrow various cryptocurrencies. Powered by smart contracts on the Ethereum blockchain, it eliminates the need for intermediaries and provides a seamless and transparent lending experience.
One of the key features of Compound is its interest rate model. Unlike traditional banks where interest rates are predetermined, Compound utilizes an algorithm that dynamically adjusts interest rates based on the supply and demand of each asset. This ensures that lenders are always rewarded with competitive interest rates while borrowers have access to affordable loans.
The native token of the Compound protocol is COMP, serving multiple purposes within the ecosystem. Learn more
How to Deposit COMP Into Your Coinmetro Account
For all information on how to deposit COMP into your Coinmetro account, please see the following help center article: How to Deposit COMP.
As Coinmetro uses smart contracts for Ethereum and ERC-20 token deposits, the amount of gas required is slightly higher than a typical transfer. To be sure that your transaction is successful, please set the transaction gas limit to 55,000. The fee difference is minimal. If your gas limit is too low, the transaction will simply be rejected by the Ethereum network. There is no risk of loss of assets caused by a too-low gas limit.
If you're depositing from another exchange, it is important to ensure they support sending funds to ETH contracts or using a full ETH wallet as an intermediary.
How to Withdraw COMP From Your Coinmetro Account
For all information on how to withdraw COMP from your Coinmetro account, please see the following help center article: How to Withdraw COMP.
Important Note - To request a withdrawal, your account profile needs to be verified as well as having the funds to cover your withdrawal. The first time a withdrawal is made to a destination, the destination needs to be confirmed via e-mail. If you have 2-Factor Authentication enabled for withdrawals, you will be asked to input the code for each withdrawal, approved or not. We suggest enabling 2-Factor Authentication to protect your account.
Withdrawals waiting for approval can be canceled and the withdrawal status can be found by selecting the Wallet on your Coinmetro Dashboard. Please note that already-approved withdrawals cannot be canceled. If there is no Cancel button visible, this unfortunately means the withdrawal can no longer be canceled, and you will find a transaction ID (TXID) instead. This is a link to the relevant transaction hash on a Blockchain Explorer website where the status can be checked further.