OKEx has announced that it has listed the Compound (COMP) token starting today.
This governance token was launched a couple of weeks ago by Compound, which aims to involve the crypto community in the governance of the protocol, similar to what happens in other protocols such as Maker.
What made the COMP token famous was the fact that it was designed to easily generate revenue and this led to the coining of the term “yield farm“. By simply interfacing with the Compound protocol, users are eligible to receive a part of the COMP tokens as an airdrop.
This demonstrated how these methods have been optimized so that users can get the most out of the platform used for lending and borrowing, or even for selling the COMP token.
There are just over 4 million tokens and currently 43 000 COMP tokens have been distributed, which are only traded in a few pools.
However, centralized exchanges have also made it possible to list the tokens on their platforms, for example Coinbase and now OKEx.
COMP tokens can finally be bought on this exchange, which shows how decentralized finance (DeFi) continues its innovation, as the CEO of OKEx, Jay Hao, explained:
“Compound has long been leading the field in decentralized finance, yet thanks to its continued innovation and development, it has now become the largest player in DeFi and a shining example of how far development has come in this space. We are extremely pleased to be able to help foster the growth of the DeFi ecosystem alongside Compound. It is our belief at OKEx that DeFi will eventually disrupt traditional finance and provide equal opportunities for everyone to access financial services. This, in turn, helps us to realize our vision at OKEx, which is to #FinanceAll.”
OKEx users can start depositing tokens and trading them for USDT.