We are addicted to crypto… and our aim is to stimulate the masses!
Welcome to Crypto-STIM! As we learn, you learn. Each week we vape the 5 unique attributes that make each new crypto we find tantalizing and addictive.
Borrow & Lend Your Way 2 Crypto!
No point in beating bushes, so let us get straight to the point…
1. Finally, Saving Makes Sense Again
For all the volatility in the world today, the thought of saving money is very appealing to many. However, because the beast of inflation looms over us our money tomorrow will not be worth what it was today. So just what the hell are the masses supposed to do about that???
Now we have an answer. A way to save and invest that gains interest, meaning it can pay us an actual rate (we’ve seen over 7%) that potentially can beat inflation, and provides a means of borrowing/lending to the masses where we get to be the banker for a change! That’s exactly what Compound, the crypto, is working to do.
But… we gotta play to win. No one ever wins if they don’t try out for the team!
2. Borrow & Lend Trustless
As with all crypto the goal is trustless, and there is no exception with Compound. Like we said they want to give us the chance to be the banker, but without any middlemen whatsoever. The goal to their program and open platform is simple, anyone depositing Ethereum tokens can provide a balance and earn actual interest (see No. 1 above) or they can even take out a loan. The latter makes this extra special. Gaining more equitable access to lending without the powered elites creates a new world of opportunities.
3. Governing by Community, fo-Realz!
The great thing about Compound is that those who invest and build gain the ability to govern. Like we said gotta pay to play.
For compound, their toke, their governance token (COMP) allows the owner of that coin to propose protocol changes and debate and vote on proposed changes. Better yet, this is a separate body from the team running the thing! We can be the governance team. Yeah, we get it it gets spendy quick but we can invest and build/grow over time. Look at it this way, how easily can you get a say in how your bank treats you now?!?!?!?
4. Cash Out When We Decide
Going beyond governance we realize that sometimes we just need cash and the native ethereum/ERC20 tokens we deposit into the Compound ecosystems is available. Not that we advocate addin’ to the volatility, but we get it. Life is Life.
That’s why compound allows you to bounce; as we need to respond to life sometimes. At any time we can check out our cUSDC (Compound tokens) for normal USD(ollar) Coins (those matching American cash) plus interest.
5. BUY or ENGAGE = COMP
Yeah, we know by now we can buy crypto on exchanges. But how else can we get our hands on digital coin???
Compound allows us the opportunity to gain by engagement. Simply by interacting with the protocol, say by staking, depositing or taking loans, we can earn more COMP.
Bonus: We Know You’re Dying to Know if There is a Cap?
We’ll, yup there is. 10 Million is the target… less than Bitcoin even!
Special thanks today to Compound, Decrypt.co, and CoinMarketCap.com for helping us take in a little COMP. The best thing is when you learn, we learn, and we all get the buzz. Full D, we are long COMP.
See you next time on BCB Cyber.