DeFi lending platform Compound Protocol recently released its governance token COMP to give users voting rights in the ecosystem. Upon distribution of the token, COMP saw a tremendous surge in its price, causing a buzz in the crypto space and reminding investors of the good old days of 2017 ICOs.
While the initial buzz about the Compound’s governance token may have reduced, many crypto traders who are not fortunate to receive the cryptocurrency for free during the distribution are looking for where to buy and sell COMP.
Exchanges where you can buy and sell COMP
Since its release, not very many trading platforms have listed the token. However, this article covers a number of crypto exchanges that have enabled support for the buying and selling of COMP.
Trading Pairs: COMP/ERC-20 tokens
Decentralized exchange protocol, Uniswap was arguably the first place where the earliest units of released COMP tokens were sold to kickstart price discovery for the asset. Now, users who connect their Ethereum wallet can swap a wide range of Ethereum-based assets for COMP using the Uniswap website.
At the time of writing, one can swap either ETH, DAI, BAL, renBTC, ENJ, BNT, and other support ERC-20 tokens for COMP using this means. Please note that for the process to be successful, you have to hold any of the tokens that you want to swap for COMP on your wallet before initiating the swap.
Trading Pairs: COMP/BTC, COMP/BUSD, COMP/BNB, and COMP/USDT.
Margin Trading: YES.
Leading crypto exchange Binance is one of the few centralized exchanges that listed COMP on June 25, or within a week after it was released.
Four days after enabling support for COMP on the spot markets, the exchange announced another plan to launch a perpetual contract for the governance token. The COMP/USDT perpetual contract allows traders to choose leverage positions between 1-50x.
Trading Pairs: COMP/USD and COMP/BTC
Margin Trading: NO
The popular San Francisco-based digital currency exchange, Coinbase is one of the early platforms that supports the buying and selling of COMP tokens for customers in the exchange’s supported regions. Currently, the Compound’s governance token has been listed on Coinbase.com and Coinbase Pro, a professional trading platform for crypto enthusiasts.
Coinbase began accepting inbound transfers of COMP token to its Pro trading platform on June 22. However, trading of COMP tokens on Coinbase Pro only started on the following day, June 23.
Having traded on Coinbase Pro with mild gains, the cryptocurrency exchange went on to list the governance token on its simplified platform, Coinbase.com. Most precisely, COMP token lived on Coinbase.com and the exchange’s Android and iOS applications on June 25, albeit without support for New York residents.
Trading Pairs: COMP/USDT and COMP/ETH
Margin Trading: NO
Poloniex is another early adopter of the Compound’s governance token. On June 17, the United States-based digital currency exchange announced its support for COMP token and listed the above-named trading pairs for its users.
Subsequently, Poloniex announced its support for cUSDT, the ERC-20 token version of USDT on Compound. In addition to supporting cUSDT/USDT, the listing of cUSDT token brought another option that allows users to earn COMP tokens on Poloniex exchange on their cUSDT balance, according to the exchange’s blog post. This offer serves more like an incentive to encourage users to accumulate and hold the Compound’s governance token.
Trading pairs: COMP/BTC and COMP/USDT
Margin Trading: YES.
OKEx exchange joined the wagon of cryptocurrency platforms supporting the trending governance token. The digital currency spot and derivatives marketplace announced the listing of COMP tokens with spot trading pairs against Bitcoin (BTC) and Tether stablecoin (USDT).
In this article, we have covered the top five places to buy COMP, the governance token for decentralized lending protocol, Compound. Although there are other platforms where investors can purchase COMP, we’ve prepared this article based on the track-record of the listed exchanges, and believe you found it helpful.