cUSDT is the newest asset listed on Poloniex! cUSDT comes after our listing of Compound (COMP) earlier this week.
Customers who hold at least 40 cUSDT on Poloniex will begin earning COMP tokens as a reward. Learn more about how the COMP distribution works on our Help Center.
What is cUSDT?
cUSDT is a type of ERC-20 token issued by the Compound protocol, called cTokens. cTokens are distributed to users who lend assets on Compound and are used to keep track of the amount of assets lent and the value of the interest accrued. cTokens accumulate interest through their exchange rate against the underlying asset. Over time, each cToken becomes increasingly valuable compared to the underlying. Each asset that is lendable on Compound has a corresponding cToken. cUSDT is the cToken corresponding to Tether USD (USDT). The amount of cUSDT that a user holds will stay constant over time, but when you trade it back into the underlying asset (USDT), the amount of USDT will have increased based on the interest rate. Learn more about cUSDT on our Help Center.
What is Compound?
Compound is a decentralized finance lending protocol built on Ethereum. The Compound Governance Token (COMP) is the native token of the Compound protocol and provides holders with the ability to participate in protocol governance. Stakeholders who possess at least 1% of COMP tokens in circulation can submit governance proposals; stakeholders with fewer tokens can vote on proposals, or delegate their votes to other members of the community to vote on their behalf. Compound is in the process of turning over development and control of the protocol to its users, and the introduction of COMP is an important step to fully decentralizing governance of the protocol. Learn more about Compound on their website.
Market Cap: $210,743,795
Market Cap Rank: #41
24hr Trading Volume: $52,141,151
7d Low / 7d High: $0.02005518 / $0.02007651
All-Time High: $0.02027418 (June 14, 2020)
All-Time Low: $0.01991823 (June 14, 2020)