Coinbase has announced that the Compound (COMP) token will be listed on the Coinbase Pro platform on June 22nd, allowing users to trade the asset.
COMP is the governance token of Compound which was only launched last Monday but has already peaked enormously, surpassing even Maker and becoming the major token of decentralized finance (DeFi).
As is well known, there will also be an airdrop program for all those who interact with the Compound platform both as lender and borrower.
A total of more than 4 million tokens will be distributed, which is a little less than 3000 COMP per day, hence a significant figure that has made the interest rates of loans on the platform soar precisely because the token has reached impressive prices.
Considering that the token has been on the market for a few days, one of the fastest way to get it is by interacting with the Compound platform, which involves a not indifferent cost in terms of fees for making transactions; another method to get this token is to use the pools that have already listed COMP.
For the moment the main exchanges, i.e. the centralized ones, have not yet taken steps to integrate it into their platforms, except for Coinbase Pro, which has announced that from June 22nd, COMP will arrive on the platform.
Before the start of the actual trading there will be 4 phases:
- Transfer-only. As of Monday, June 22nd, users will be able to transfer COMP to their Coinbase Pro account. It will not be possible to place orders yet and no orders will be filled in these order books.
- Post-only. In the second step, users can place limit orders, but there will be no matching (completed orders). The order books will be in post-only mode for at least one minute.
- Limit-only. In the third phase, limit orders will start finding matches but users will not be able to send market orders. Order books will be in limit-only mode for a minimum of ten minutes.
- Full trading. In the final phase, full trading services including limit, market and stop orders will be available.
The listed pairs will be COMP-USD and COMP-BTC, similar to Maker (MKR) or OmiseGo (OMG).