[Blockchain Today Reporter Jihye Han] Mining of the Compass Foundation’s second DeFi project IKOMP project began on the 1st.
IComp is basically a Defied Farming project that stakes Uniswap LP tokens and mines iComp with interest. However, the utility of the mined iCOM is raising expectations as it differentiates it from the existing mining-type reward coins.
The biggest difference of iComp is that it is used as a fee for the cryptocurrency direct trading platform’Kompass Wallet’. Kompass Wallet, launched in October 2020, has achieved a cumulative transaction volume of 16 billion won so far, and has been receiving good reviews among investors as the easiest platform to buy USDT. A major renewal is expected in the first quarter thanks to the increased number of members and transaction volume. This renewal will focus on user convenience and stable transactions within the platform, such as adding a bitcoin trading market, adding a user feedback system, adding payment methods, and strengthening escrow transactions. The application of iComp fees and use of the trading market will be available from March 4.
A Compass Foundation official said, “In order for virtual currency to be recognized as an investment rather than speculation, many project coins that can invest in value like iComp must be released. Rather than evaluating the value, the value will be evaluated by focusing on the growth potential of the Kompass Wallet, which will be mainly used for iComp, and the scarcity of iComp, where only 100 are mined a day.”
Meanwhile, iComp operates a total of 6 Farming Pools, and you can participate in the referral program when linking your Compass Wallet account. Mined iComp can be used for Kompass Wallet fees or purchase tickets to participate in Lottery (lottery lottery).
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