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The composite cryptocurrency lending platform begins distributing tokens

June 15, 2020

The compound governance token can be distributed to all users of the Decentralized Finance Protocol (DeFi) from June 15.

according to a compound tweet dated June 10th, The credit platform responsible for the main DeFi protocol conducted a test network test of their COMP token as part of a government proposal to distribute the token to its users.

This allowed the compound community to approve the proposal – 007, with no apparent connection to James Bond – on June 14th. As of June 15, the credit platform will sell 1,116,310.81 COMP on the markets “ETH, DAI, USDC, USDT, BAT, REP, WBTC and ZRX, proportional to the interest accrued on the market”.

The composite cryptocurrency lending platform begins distributing tokensThe composite cryptocurrency lending platform begins distributing tokens

“Within each market, half of the COMP supplier and the other half are assigned to borrowers,” the proposal said. “Every time an address interacts with a composite market, it will receive all COMP received on that market if it exceeds the COMP threshold of 0.001.”

Close links to Coinbase

In March, Cointelegraph reported that Coinbase supports the DeFi Compound protocol in its wallet app. Your recent governance proposal is approved as the total number of DeFi users increases and is expected to reach 600,000.

The cryptocurrency exchange announced on June 10 that it will support the COMP token and 17 others in the near future.