Compound(COMP) is surely one of the biggest Ethereum DeFi projects that’s being backed by HUGE investors such as Andreessen Horowitz or “a16z”, Coinbase, and Polychain Capital.
But as you may know, having great and successful cryptocurrency investments are pretty pointless if your funds are insecure and could be potentially stolen sometime in the future.
So if you’re a fan of the Compound DeFi ecosystem and are looking for a guide to properly secure your Compound(COMP) tokens, you’ve come to the right place.
What wallet should I use?
Compound(COMP) is currently an Ethereum ERC20 token. So just like any other ERC20 token, you can store your Compound(COMP) on reputable Ethereum wallets like MyEtherWallet(MEW) and MyCrypto; or preferably, through a reputable hardware wallet like a Ledger Nano S or the newer and Bluetooth-enabled Ledger nano X if you’re holding a significant amount.
How do I create a secure Ethereum wallet for my Compound(COMP)?
You can follow our guide here: How To Create a Secure Ethereum Wallet
After creating an Ethereum wallet using our guide, you can simply send out your Compound(COMP) to the Ethereum address of the wallet you’ve created.
Does the Ledger Nano S or Nano X support Compound(COMP)?
Yes, Ledger hardware wallets do support Compound(COMP) tokens and all Ethereum ERC20 tokens in general.
If you don’t have a Ledger hardware wallet yet, you can grab one here: Ledger Nano
How do I store my Compound(COMP) on the Ledger Nano S/X?
If you own a significant amount of money on Compound(COMP) or any other cryptocurrency, we heavily recommend using a hardware wallet like the Ledger Nano S/X. You can follow our guide here: Store your Ether & ERC20 Tokens on the Ledger Nano S/X
After installing the Ethereum app on your Ledger Nano S/X and on Ledger Live, simply send in your Compound(COMP) to your Ethereum address on Ledger Live.
After sending in your funds to your Ethereum wallet on Ledger Live, you can access your Compound(COMP) and your other ERC20 tokens on MyEtherWallet here: https://www.myetherwallet.com/access-my-wallet