On Monday,June 22, we began accepting inbound transfers of COMP to Coinbase Pro. Trading began the following day, June 23.
Once sufficient supply of COMP is established on the platform, trading on our COMP-USD and COMP-BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met.
is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.
Please note that COMP is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.
The Stages of the COMP Launch
There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our .
Transfer-only. Starting on Monday, June 22, customers will be able to transfer COMP into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Trading will begin on or after 9AM Pacific Time (PT) the following day, if liquidity conditions are met.
Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
Limit-only. In the third stage, limit orders will start matching, but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.
One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our , we anticipate supporting more assets that meet our standards over time.
Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.
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