Compound Finance’s newly launched $COMP token has quickly risen to become the largest Defi token by market cap, overtaking Maker (MKR). The introduction of the $COMP has resulted in a huge boost for the platform with nearly $80 million more in deposits since token launch.
The $COMP token only went live for trading on June 16, but has already achieved a market cap of $723 million at a price of $72.40 per token (at the time of publishing). Maker, meanwhile, has a market cap of roughly $553 million.
At its peak, the $COMP token was trading at a market valuation of $1 billion, down about 26% over the last 24 hours, which would place it in the top 20 tokens overall by market cap.
Similar to the MKR governance token, $COMP allows users to vote and thereby govern the direction of Compound Finance. Data from Dune Analytics shows that over 4500 COMP has already been earned in approximately 2 days.
Compound approved the token, led by Polychain Capital, on June 10, with users essentially receiving the token based on their usage. The platform allows users to earn interest from Ethereum (ETH) assets in a fully decentralized manner. The token was first successfully piloted through a testnet run, before being made available on the Uniswap exchange.
The defi space now has over $3.2 billion in market cap, according to Defimarketcap, and continues its rapid growth.
