Compound (COMP) Dominates in DeFi, Edging out Maker (MKR) from the Top
Compound Finance has shaken up the DeFi industry since Coinbase announced it was listing COMP on June 22nd.
The value of COMP has seen tremendous gains in a period of a week from a value of approximately $70 to $345.
The quick popularity of Compound Finance has led to the project edging out Maker (MKR) in terms of the value of assets locked in the DeFi platform.
Many crypto-enthusiasts had little to no knowledge of the DeFi platform known as Compound Finance until the 18th of June when Coinbase announced it was listing the COMP token tomorrow, June 22nd. From tomorrow, traders and investors can start depositing their COMP to Coinbase Pro in anticipation of trading at 9 am Pacific Time.
Compound (COMP) Edges out Maker (MKR)
In an earlier tweet, the team at DeFiPulse.com highlighted that the Compound DeFi project had edged out Maker (MKR) from the top spot in terms of the value of assets locked up by users and investors. At the time of writing this, the equivalent of $554.8 Million is locked on the DeFi platform indicating an 18% increment in 24 hours. Below is a screenshot of the current rankings on DeFiPulse.com.
What Exactly is Compound Finance (COMP)?
COMP is the native ERC20 token of the Compound Finance DeFi platform that empowers community governance of the Compound protocol. Holders of COMP and their delegates can debate, propose and vote for changes on the protocol.
The Compound protocol allows for the lending and borrowing of other Ethereum tokens through a decentralized market with lenders earning interest on their crypto and borrowers paying interest to borrow. The protocol currently supports lending and borrowing of Ox (ZRX), Augur (REP), Basic Attention Token (BAT), DAI, Ethereum (ETH), USD Coin (USDC), Tether (USDT) and Wrapped Bitcoin (WBTC).
Meteoritic Rise of Compound in the Crypto Markets
A brief look at Coinmarketcap.com, reveals that COMP is now ranked 19th in terms of Market capitalization with a value of $345. The token has had an impressive 69% in gains in the last 24 hours.
Where to Trade Compound (COMP)
Taking a quick glance at the charts reveals that trading of COMP on Poloniex opened on June 17th with an opening value of approximately $70. The token has since done almost 5x in returns in exactly one week at its current value of $345.
At the time of writing this, the COMP token is available for trading on the following crypto exchanges.
Coinbase Pro (June 22nd)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.