High Heat In The Crypto Market As New Compound (COMP) Token Price Skyrockets Overnight

High Heat In The Crypto Market As New Compound (COMP) Token Price Skyrockets Overnight
фото показано с : zycrypto.com

2020-6-22 21:36

The crypto market is trying to catch the marathon move exhibited by one recently launched token named Compound (COMP). COMP is a DeFi (Decentralized Finance) token with a total supply of 10 million tokens. However, only about 2.5 million tokens are currently in circulation, placing its market cap at around $900 million.

Exchange Listings

On Thursday, Coinbase announced that it would be listing COMP and avail it for trading on its platform, and that had the effect of creating a rush that doubled COMP’s price within 24 hours. Coinbase was an investor in Compound, and therefore its move to list the token so early could be expected. COMP trading on Coinbase starts next week.

Besides Coinbase, another exchange named FTX has expressed willingness to list COMP soon. CoinFlip is also considering listing COMP as one of the dollar-backed stablecoins to help meeting the increasing demand for COMP. CoinFlip operates a network of Bitcoin ATMs within the US. 

COMP Is Commanding Attention

The sudden outburst of Compound has fueled a heated conversation about the apparent future of DeFi and thereby driving a speculative sentiment that has cemented the crypto’s standing as a credible investment with a bright future. At the moment, Compound trades at $349, posting a cool 60% rise in the day. 

The rise of COMP has attracted the attention of various popular entities in the industry, including Delphi Digital and Mythos Capital. According to Delphi Digital, DeFi will continue to gain traction. That means that tokens like COMP will continue to gain both in price and popularity. Ryan Sean Adams, the founder of Mythos Capital, is appalled by how much energy the DeFi industry seems to have. He posted a tweet to that effect. 

COMP Vs MAKER

COMP isn’t the first DeFi-focused token to hit the market. MAKER (MKR) has been in the market for a while and has made huge strides to post impressive prices. However, with the current spike in the new Compound, MKR’s stance as the leading DEFI platform has been usurped as COMP now has the most value staked in DeFi.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Compound Coin (COMP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 53.732b COMP

comp token compound market crypto decentralized finance

comp token → Результатов: 16


Фото:

Investors Eyeing Next Big Thing in DeFi — Liquidity Mining

Following the success of Compound’s COMP token distribution, savvy investors are chasing the next big thing — tokens from other liquidity platforms. Less than five days since its launch, Compound’s COMP tokens have surged to an all-time high above $150 making it the most successful DeFi token to date, and the first unicorn for the […] The post Investors Eyeing Next Big Thing in DeFi — Liquidity Mining appeared first on BeInCrypto.

2020-6-19 11:22


Compound Protocol Moves Towards Decentralization With COMP Governance Token Launch

Compound is setting its project to a decentralized governance system as it experiments with a testnet launched on Wednesday. The Open Finance backed startup is looking to grant its users the power to propose and vote for implementations to occur on the platform without requiring permissions from the compound team. A tokenization process will be […]

2020-2-27 00:22