What is Compound?
Compound is an open-source protocol that enables people to earn interest or borrow.
In contrast to traditional bank savings accounts and loans, Compound is entirely autonomous.
There are no middle-men. No bankers.
How does it work?
Compound uses algorithmically derived interest rates, based on the supply and demand for an asset.
Suppliers (and borrowers) of the asset interact directly with the protocol, earning (and paying) a variable interest rate.
People using Compound do not have to negotiate terms such as maturity, interest rate, or collateral with a peer or counterparty.
If you'd like to get into the nitty-gritty detail, you can read the Compound whitepaper.
Is there a minimum / fixed term on my savings?
There is no minimum or maximum term. You can withdraw your funds at any time.