What is COMP (Compound)?
Compound Finance, or simply known as “Compound’ is a decentralized blockchain protocol that allows users to borrow and lend crypto. COMP is the platform’s native utility token that gives users more power when it comes to governing the protocol. Now, anyone with crypto can lend and borrow their crypto instantly without having to deal with a financial intermediary like a bank.
Since its debut, Compound’s COMP token has been extremely successful, quickly climbing the charts of the DeFi club. Because Compound is one of the world’s first Web 3.0 companies that went public, COMP is unique. Unique in a way that it is programmable, unlike traditional shares found on the stock market. Hence, COMP tokens themselves don’t have a yield on the Compound platform but they give users the chance to participate in governance, which for some, offers more value than money itself.
On YouHodler however, COMP users can earn 1.51% APY on their compound deposits. The process takes just a few minutes. Here’s how to get started.
How to earn interest on COMP token
Step 1: Sign-in or sign up to YouHodler (iOS, Android, and Web version available)
Step 2: Deposit COMP to your personal COMP wallet
Step 3. Watch as your COMP earns compounding interest.
Step 4: Earn COMP! Weekly payments come every 7 days
Helping your crypto earn on YouHodler has never been easier
Yes, there are other places to earn interest on cryptocurrency. However, not all platforms are created equal. YouHodler features some of the highest rates on the market and all without the need to stake some token in order to unlock higher rates. We feature weekly payouts with full transparency so you always see how much you’re earning each week.
As for insurance, every YouHodler users can take comfort in our $150 million pooled crime insurance from Ledger Vault. We also never store our funds 100% in hot wallets to ensure maximum protection for our clients. YouHodler wallets are safe, fast, and easy to use. On top of that, they generate interest for you with our all-in-one solution that features wallets, savings accounts, crypto multiplying tools universal currency exchange, and more.
COMP saving wallet App that pays interest
YouHodler wallet app is the only application where you can store your Compound (COMP) just like you would in a regular wallet but in addition, earn interest on that COMP wallet balance every week.
How does COMP interest work
You can earn interest on COMP just like you would with a traditional bank savings account but with one key difference. Instead of near to zero interest rates at banks, we offer you 1.51% interest on COMP.
How to Earn Free COMP
It’s easy! Just deposit COMP to your YouHodler wallet and you’ll earn free COMP every week.
How to Get Free Compound
Interest payments occur every seven days. So you’ll get your free COMP a week after your first deposit.
Cumulative Interest COMP
Yes, you have cumulative interest if you HODL COMP in the wallet. We calculate compound interest rates every week.
COMP APY & Yield
Compared to other platforms, we offer APY instead of APR. APR gives you interest payments without the compounding effect. Hence, with APY at YouHodler, you get more COMP at the end of the year due to this cumulative interest.
COMP Savings Calculator
Just use our COMP Savings Calculator to see what you will have in 3, 6, or 12 months of HODLing on YouHodler.