- A new DeFi protocol has become a leader in terms of the value of locked assets.
- The native token of the platform has gained over 46% in the recent 24 hours.
A DeFi protocol Compound surpassed MakerDAO in terms of the total value of locked funds locked and became the most valuable DeFi protocol. The total amount of assets locked on DeFi-platforms reached $1.46 billion, while Compound’s share increased to 36.47%.
Explosive growth in the flow of funds into the protocol began after the start of distribution of Compound native tokens, COMP, that is uesed as a means of payment both for borrowers and liquidity providers of the platform. Compound has jumped from $98 million of value locked on June 15 to $533 million by press time. A new incentive scheme served as a major catalyst for the platforms roaring success.
The token swiftly made its way to the 19th position in the global cryptocurrency rating created by CoinMarketCap. At the time of writing, COMP is changing hands at $306.83. The token has gained over 46% in the recent 24 hours.
COMP is most actively traded at the cryptocurrency exchange MSX agianst USDT. According to the recent statistics, over 50% of all daily trading volume has been generated on that platfrom. Also, the token is available on a wide range of platforms, incuding HotBit and Poloniex. Notably, the American cryptocurrency exchange Coinbase Pro recently added COMP to the list of tradable assets.