The price of Compound tokens (COMP) is experiencing a massive spike in the middle of a manic week for the Decentralized Finance (DeFi) project, which included a listing announcement by U.S. cryptocurrency exchange giant Coinbase.

With the number of lenders on the Compound protocol increasing rapidly, DeFiPulse data shows that the project crosses the $ 400 million mark in total blocked value. Just a week ago, this figure was $ 100 million. Compound becomes the second loan protocol to cross the $ 400 million mark after MakerDAO.

Compound the new sensation in Decentralized Finance

This vertical escalation in Compound Blocked Total comes amid a token distribution event, a planned Coinbase listing that has seen the price of COMP tokens on the moon more than 100% in the past 24 hours, reaching a maximum of $ 240 on the FTX exchange. At the time of this writing, COMP is trading around the $ 228 price. Before launch, COMP sold for less than $ 65, adding nearly 270% ROI to the maximum price.

Coinbase listing announcements have often caused altcoin prices to rise significantly with a corresponding dump, generally accompanying the hype. Compound data also shows a corresponding massive increase in Tether (USDT) supply in the protocol: from approximately $ 43 million at the beginning of the week, Tether supply in Compound has crossed the $ 230 million mark at the time of Writing.

The frenzy surrounding the Compound protocol may receive additional stimulus after FTX, also announcing plans to list the token. An FTX listing will mean opening the COMP token to derivatives trading.