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How to earn and withdraw COMP tokens

Brief guide on earning and claiming Compound's COMP tokens.
Written by Nikola Jankovic
Updated 1 month ago

In june 2020 Compound introduced and started distribution of COMP, the Compound governance tokens.

Earning COMP tokens

COMP is earned by all active users of the Compound protocol, which means that if you have any funds supplied or borrowed at Compound you are also earning COMP.

When using DeFi Saver, there are two places where you can earn COMP tokens:

1. Compound dashboard

2. Smart Savings dashboard

In both of these cases, any COMP tokens earned from the usage of the protocol belong to you and you only.

Whenever you are using the Compound protocol, it will add and keep an internal balance of your earned COMP tokens. These tokens are withdrawn to your wallet whenever you interact with the Compound protocol, which means that if you complete a "Withdraw 1 DAI" transaction, the protocol will also send any earned COMP within the same transaction to your account.

However, since both our Smart Savings and Compound dashboards utilize the Smart Wallet to interact with the Compound protocol, your earned COMP tokens will actually get withdrawn to your Smart Wallet instead to your original account.

Withdrawing COMP tokens

Whenever you want to withdraw all COMP tokens that are kept within the Compound protocol's internal balance or on your Smart wallet simply:

1. Go to Compound dashboard or Smart Savings dashboard

2. Click the COMP button in the top right

3. Click the withdraw button

Completing this action will withdraw all of your earned COMP to your original Ethereum account.

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