Defi platform Compound Finance and its $COMP token, which has seen rapid growth since its launch, surpassed MakerDAO’s MKR token in terms of total value across assets. At the time of publishing, the $COMP token has 2.3 million in total value locked in Ether, while the MKR token has 2 million.
Compound Finance has over 2.3 million in total value locked in ETH. Source.
The $COMP token quickly gained traction in the market, outstripping the market cap of the MKR token in roughly 24 hours. The token went live for trading on June 16 after being approved in a proposal on June 10. First available on Uniswap, Coinbase Pro also recently listed the $COMP token, which will be live for trading on the platform on June 23 should the asset meet liquidity requirements.
Token holders can use the governance token to make decisions on changes to the network, similar to the MKR token. The platform itself allows users to earn interest on their Ethereum assets' holdings. Nearly 18,500 $COMP tokens have been earned thus far.
COMP's market cap has tripled in the last 5 days. Source.
The Defi space now has over $6 billion in total market cap. Compound Finance accounts for nearly half of that value at just over $2.7 billion, up from $725 million just 5 days ago. The token is currently valued at approximately $272.