Compound Finance is an easy way to lend and borrow crypto in the DeFi space. Here's how it works ⬇️
Any user can connect to Compound and earn interest using aand an Internet connection can freely interact with it.
The interest rates for supplying and borrowing on Compound are adjusted algorithmically. This means that the Compound protocol automatically adjusts them based on supply and demand. In addition,Positions in Compound are tracked in tokens called cTokens, Compound's native tokens. cTokens areFor example, if you deposit ETH into Compound, it's converted to cETH. If you deposit the stablecoin DAI, it's converted to cDAI.
The process starts with users connecting their Web 3.0-enabled wallet, such as Metamask. Then they can select any asset to unlock that they want to interact with. If an asset is unlocked, users can both borrow or lend it.
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