Crypto Lending Platform Compound Initiates Token Distribution Process to All Its Users

By Jenny Aurora | June 15, 2020

Clients of the DeFi protocol Compound will reportedly be eligible to use the governance token starting June 15.

Specifically, Compound has reportedly finalized the trial phase of its COMP token as an initiative in the governance proposal for its user-focused token distribution. 

This reportedly enabled approval from the Compound community regarding the proposal on June 14th. The distribution process of 1,116,310.81 COMP throughout “ETH, DAI, USDC, USDT, BAT, REP, WBTC and ZRX markets will reportedly begin. 

“Within each market, half of the COMP is allocated to suppliers, and the other half to borrowers. Whenever an address interacts with a Compound market, it receives all COMP earned in that market, should it exceed a 0.001 COMP threshold.” The proposal further read. 

In March this year, Coinbase has reportedly finalized the integration of its supporting feature for the Compound DeFi protocol on its wallet app. The approval of the new governance proposal has reportedly appeared around the time when the overall figure of DeFi users is experiencing an increase with expectations to hit the 600,000 benchmark. 

The crypto exchange also reportedly revealed on June 10th its plan to facilitate the COMP token and 17 others in the near future.

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