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Sunday, October 25, 2020

Coinbase lists Compound to its Earn program

  • Coinbase’s Earn program, which educates users about crypto and pays them to learn, just added Compound.
  • By simply watching Coinbase’s prepared learning materials, users can now also earn COMP.
  • At the same time, they are getting educated about the project, but also crypto lending/borrowing.

A while ago, Coinbase crypto exchange has launched its popular Earn program, where it offers learning materials about different aspects of the crypto industry, and its users are paid to learn. Now, the major US exchange is offering lessons on DeFi lending and borrowing by teaching users about Compound.

Coinbase is now educating users about Compound

Coinbase added Compound earlier today, and with its addition to Earn. Its token, COMP, was added as well, and users can now go through a series of guided tasks, which will show them how they can participate in decentralized governance and earn interest in doing so.

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With Compound (COMP) being one of the biggest and most active projects in the DeFi industry, Coinbase users will be able to get a guided introduction into this sphere of DeFi.

This represents only an extension of Coinbase’s efforts to bring DeFi closer to its users, and vice versa. The exchange has already added lessons on other DeFi projects, such as a decentralized exchange (DEX) known as Kyber Network, and another one, called 0x.

Then, there is a loan service, MakerDAO, and now Compound. As many may already know, Compound is a project that allows users to deposit coins, and earn interest simply for keeping them locked up. Alternatively, the coins can also be used as collateral for creating loans.

Why is it worth owning and using Compound tokens

Compound is known for its transparency and great levels of decentralization. In fact, it was among the first projects in DeFi to completely hand over control to its community, rather than keeping its development team in charge.

Its users can now vote on various development decisions, and decide which way the project will take. They can also participate in solving various issues, and more. They do that by using the COMP tokens, which represent the users’ voting right in the project’s governing. So far, more than $859 million in crypto was deposited into Compound, and the project has over 5,600 users at this point.

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