DeFi protocol Compound’s native COMP token is now available on Coinbase Earn, a platform that allows users to earn cryptocurrency while they learn about how digital assets and blockchain tech work.
Coinbase Earn allows users to earn many different crypto-assets including EOS, stablecoin Dai, and Stellar Lumens (XLM). However, it’s not possible right now to earn any of these digital currencies (usually done by watching simple videos and then requesting payment), because too many people have already signed up.
As mentioned in a blog post by Coinbase, users can earn COMP tokens while learning how to borrow digital assets and then earning interest with Compound.
The San Francisco-based crypto exchange notes:
“Coinbase’s mission is to create an open financial system, where anyone in the world can participate on equal terms from their computer or smartphone. To bring this vision to life, we’ll need to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand.”
Coinbase Earn has been designed to help users learn more about new developments in the crypto and blockchain space, while earning digital assets as rewards. While the idea is good in theory, it does not appear to have been implemented properly – because it seems that the maximum number of users have already signed up.
When you go right now to learn and earn crypto via Coinbase Earn, you’ll most likely receive a message saying that you may be put on a waiting list or there’s no longer any opportunities to use the platform and earn crypto.
As noted by Coinbase:
“Starting today, Coinbase customers can start earning Compound (COMP) by watching lessons and completing quizzes about the Compound protocol and its governance token COMP.”
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 Coinbase team says that the ability to earn crypto assets has become a very important function in the blockchain ecosystem, along with purchasing, staking, voting, and mining cryptocurrencies, “especially when paired with education.”
Launched in 2018, Coinbase Earn supports 0x, Basic Attention Token (BAT), Zcash (ZEC), Stellar Lumens (XLM), EOS, stablecoin Dai, Tezos (XTZ), Orchid (OXT) and Compound (COMP).
The exchange claims:
“In less than a year, asset issuers offered over $100M in crypto to distribute to our customers, and we have launched Earn internationally. As we expand globally, millions of people are gaining access to a trusted, secure, and legal bridge to the crypto economy — even if they don’t have a credit card or bank account with which to buy crypto.”
However, many users are now unable to earn any crypto because too many people have already signed up.
Coinbase notes that it receives a servicing fee from participating asset issuers.