Binance Futures has announced that they will soon be offering traders access to up to 50x leverage on the Compound’s token COMP. In the announcement, the company stated that the COMP / USDT perpetual contracts will begin trading at 2020/06/30 09:00 AM and users will be able to select the leverage they want ranging from a minimum of 1x up to a maximum of 50x.
#Binance Futures Will Launch @compoundfinance $COMP/USDT Perpetual Contract With Up to 50x Leveragehttps://t.co/YQeUYYScrY pic.twitter.com/yhXuXuaYMo
— Binance (@binance) June 29, 2020
Compound (COMP) is an Ethereum-based token that may be used by holders to make governance-related decisions involving the Compound protocol. The protocol lets users borrow and lend Ethereum tokens via a peer to peer (P2P) market. Lenders are able to earn interest on the crypto-assets they supply to the Compound protocol and borrowers have to pay interest to borrow assets – which is typically how most P2P marketplaces work.
The chart of COMP form released | Source: Coinmarketcap
The value of COMP stood at $238 at the time writing, according to CoinMarketCap data. The price of the token skyrocketed after Coinbase Pro announced it would make the asset available to trade its platform. It has fast become one of the most popular DeFi cryptocurrencies.
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