DeFi: Compound crushes competition with $ 1 billion locked value

DeFi: Compound crushes competition with $ 1 billion locked value

By NassiroV | CryptoPress360 | 1 Jul 2020


DeFi Platform Compound Goes Decentralized By Replacing Admin With ...

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The Compound protocol never ceases to impress. Robert Leshner, founder of the project, announced that the platform had just passed the milestone of one billion dollars in locked value.

Another major step

It's time for a party for the DeFi community . In a widely relayed tweet, Robert Leshner expressed his “excitement” for the members of his community and confirmed his ambition to “take Compound to the next big step”.

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It is $ 1 billion that constitutes the “ Total Supply” of the platform. In other words, the sum of one billion dollars, in the form of tokens , is made available by lenders.

Three projects lead the way, with BAT in a leading position, accumulating 30.90% of the total locked value . In second position is Ethereum with 24.05% , and finally the USDC stablecoin with 21.16% . 29,308 users are behind these loans via the Compound platform, subject to interest.

The borrowers, meanwhile, overwhelmingly support BAT . The token linked to the Brave web browser brings together 75.4% of the total amount of loans , or $ 3,669 million . It is closely followed by the USDT, accumulating 9.10% of the sum of the loans contracted . Dai weighs 8.11% in the balance of loans. The Compound platform now has 4,047 borrowers.

Will the DeFi trend continue?

After crushing the media space for almost 2 years, Bitcoin is going through a fairly calm period, following the pre-halving craze .

Fashion is DeFi, and as proof, the COMP token, a few days ago unknown to the general public, now occupies 23rd place in altcoins with a capitalization of more than $ 605 million . The announcement of its listing on Coinbase Pro greatly benefited the project, which saw its value explode from $ 65 to $ 301 in the space of 5 days . It is now valued at $ 236 at the time of writing.

In addition to being used as a reward tool for platform users, the COMP token also allows you to participate in governance decisions that will govern Compound's strategic directions.

However, it is one thing to focus the attention of the ecosystem; it is another to maintain itself over time. The use of decentralized finance platforms must not be reduced to the phenomenon of yield farming , benefiting the most knowledgeable, and destroying the ambitions of financial democratization. A speculative bubble or a hopeful hope, one thing is certain, we are living in the beginnings of a new era.


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NassiroV
NassiroV

Hi, and welcome to my blogs! ​I’m Nassir, a thirty-something American/Moroccan guy who loves to travel and write, especially about Crypto world. I have been blogging and trading cryptocurrencies for a while. I hope that you find my articles beneficial.


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