|Market Cap||$ 556.2M|
|Volume 24h||$ 1.1K|
The price of cETH, a token associated with the Compound protocol, has increased today. At the moment, one cETH is valued at $ 47.16. Keep in mind that cryptocurrency prices are highly volatile and can change rapidly.
cETH is the balance token that represents a user's funds lent to others through the Compound protocol. Essentially, when you supply Ether (ETH) to the Compound protocol, you receive cETH in return. This cETH token accrues interest over time, enabling holders to earn on their deposited ETH.
cETH was created by the developers of the Compound protocol. Compound Finance is the decentralized finance (DeFi) platform that facilitates lending and borrowing of cryptocurrencies through smart contracts on the Ethereum blockchain.
When a user supplies ETH to the Compound protocol, they receive cETH tokens in proportion to the amount of Ether they have lent. The cETH token represents a claim on a portion of the pooled Ethereum in the Compound protocol and earns interest for the holder. This interest accumulates as the Ether pool is lent out to borrowers who pay interest on their loans.
cETH is unique because it offers a way for users to earn interest on their Ethereum holdings without having to manage their loans actively. It simplifies participation in the DeFi lending market by automating interest accrual and compounding, leveraging the smart contract functionality of the Ethereum blockchain.
The Compound protocol is secured by the blockchain it operates on—Ethereum. This means it benefits from Ethereum's strong encryption and decentralization. Moreover, the protocol's smart contracts undergo rigorous audits and security checks to ensure the safety of users' funds.
The amount of cETH in circulation directly corresponds to the amount of ETH lent on the Compound protocol. As of now, there are approximately 11.8M cETH tokens in circulation.
The market capitalization of cETH is currently $ 556.2M, which ranks it at ##98 when compared to other cryptocurrencies.
The governance of the Compound protocol is community-driven, with changes and upgrades proposed by CCOMP token holders. Proposals that receive sufficient support are implemented, allowing the protocol to evolve and improve over time.
You can buy cETH tokens on several exchanges listed here: . To purchase cETH, you typically need to have ETH or other cryptocurrencies that you can exchange for cETH. Always ensure you use a reputable exchange and take steps to protect your investments.
Keeping your cETH safe involves securely managing the private keys to your cryptocurrency wallet. Use reputable wallets, enable two-factor authentication, and consider using hardware wallets for additional security. Never share your private keys with anyone, and be cautious of phishing scams and fraudulent websites.