The Compound decentralized loan and savings platform is on the rise. This was propelled to the first place of the DeFi projects, following the launch of its COMP governance token.
Monday February 15 began the distribution of COMP governance tokens. These are created via a process called “Liquidity mining”. Thus, users generate COMP tokens using Compound whether they are savers or borrowers.
The launch of this distribution led to a massive displacement of capital. In just 5 days, the funds involved in Compound have quadrupled, reaching a total of $ 500 million.
The growth was so sudden and explosive that Compound surpassed MakerDAO in terms of the funds involved in the protocol. At the time of writing, Compound tops the rankings of DeFi protocols with $ 550 million against $ 460 million for MakerDAO. As a result, Compound dominates the market with a dominance of 37.57%.
Source : DefiPulse
COMP to the moon
At the same time, more and more COMP tokens were created and exchanged in public places. The excitement created by liquidity mining and the addition of the COMP token on Coinbase Pro have taken the price of crypto to new heights.
Currently valued at $ 277 per coin, the token experienced an HUD at $ 372 on Sunday, June 21.
Source : CoinGecko
However, it should be borne in mind that for the moment very few coins have been issued on the 5 million COMP which will be distributed. The price may well correct downwards once the craze has passed and the number of tokens in circulation has increased.
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