Convert
Israeli New Shekel (ILS) to Compound (COMP) Instantly
Purchase Compound (COMP) with Israeli New Shekel (ILS) easily at Switchere and benefit from fast, secure transactions.
About
Compound (COMP)
Compound (COMP) is a prominent decentralized finance (DeFi) protocol operating on the Ethereum blockchain, engineered to establish autonomous, algorithmic money markets. Its core purpose is to enable users to lend and borrow digital assets in a permissionless manner, directly interacting with smart contracts rather than traditional financial intermediaries. The protocol dynamically determines interest rates for supplied and borrowed assets based on real-time supply and demand within each specific asset's liquidity pool. Users who supply assets receive cTokens, which are ERC-20 interest-bearing tokens representing their underlying collateral and accrued interest, forming a key component of its tokenomics and on-chain functionality.
The system’s cryptographic security is underpinned by an over-collateralization model, requiring borrowers to lock up more value than they borrow, mitigating risk within this decentralized network. The native COMP token primarily functions as a governance token. Holders of COMP can propose, debate, and implement changes to the protocol, including adjusting collateral factors, adding support for new digital assets, or modifying interest rate models. This governance mechanism empowers the community to collectively manage the evolution of this Web3 infrastructure. Compound is recognized as a foundational DeFi application, significantly influencing the development of on-chain lending, borrowing, and yield generation strategies across the broader blockchain technology landscape, showcasing the potential of decentralized financial systems.
How to Buy Compound (COMP)
Step-by-step guidance
Easy credit card payments
Streamlined purchase process
Web
Popular Coins for Israeli New Shekel (ILS)
Other Coins for Israeli New Shekel (ILS)
Frequently asked questions
-
What exactly is the ILS/COMP trading pair?
The ILS/COMP pair represents a direct fiat on-ramp allowing you to purchase Compound's governance token (COMP) using Israeli Shekel (ILS). This enables direct participation in the Compound DeFi lending protocol, a system where users can earn interest or borrow assets. COMP token holders can vote on crucial protocol upgrades, such as adjusting collateral factors or supported assets. -
What are the common methods to buy COMP with ILS on a cryptocurrency exchange?
To purchase COMP with ILS, you'll typically use a regulated cryptocurrency exchange that supports Israeli customers. Common deposit methods include direct bank transfers within Israel and credit/debit card purchases denominated in ILS. All reputable platforms will require KYC/AML verification before you can fund your account and execute a trade on the ILS/COMP order book. -
What is the primary utility of the COMP token obtained through an ILS transaction?
The primary utility of the COMP token is governance over the Compound protocol. By holding COMP, you can propose and vote on changes to the protocol, influencing key parameters like interest rate models and assets eligible for borrowing. This gives you a direct say in the evolution of one of DeFi's foundational protocols, separate from its function in liquidity mining or yield farming incentives. -
After buying COMP with ILS, what's the best practice for storing my tokens?
For security, it's highly recommended to move your COMP tokens from the cryptocurrency exchange to a personal digital wallet where you control the private keys. Since COMP is an ERC-20 token on the Ethereum blockchain, compatible options include hardware wallets for maximum security or reputable non-custodial software wallets. This protects your digital assets from exchange-specific risks and gives you full control over your governance power. -
Are there benefits to using the ILS/COMP pair over converting ILS to USD/EUR first?
Yes, the primary benefits are cost and efficiency. Using a direct ILS/COMP pair avoids double conversion fees (from ILS to a major fiat like USD, and then from USD to COMP). It also simplifies the process, reducing the number of blockchain transactions and potential delays. This provides a more streamlined fiat on-ramp for Israeli residents looking to engage with the Compound DeFi ecosystem.
Trade on the go
Anywhere. Anytime
Through Switchere you can buy or sell crypto instantly - transact all popular coins and tokens at the tap of a button.
Scan to download the app iOS and Android
