King of DeFi: Value locked in Compound hits $1 billion

Decentralized lending protocol Compound continues to be the king of decentralized finance (DeFi). On Friday, the company’s CEO announced that the total value supplied to the protocol hit $1 billion.

Compound’s CEO, Robert Leshner, said on Twitter that he was “excited for COMP holders to expand and upgrade Compound, taking it past the next major milestone.” 

The value supplied to the protocol means the amount available on the project for people to borrow—or its market cap. 

As of Sunday, June 28, 31.68% of the value supplied to the platform is in BAT (Brave’s token), 23.27% is in ETH (Ethereum’s native token), and 22.83% is in the US dollar-pegged stablecoin, USDC. The value is supplied by 29,308 users. 

$369 million is currently being borrowed from Compound’s protocol. 75.4% of all funds borrowed are in BAT. Next up is US dollar-pegged stablecoin USDT (Tether) with 9.10%, followed by decentralized US dollar-pegged stablecoin, DAI, with 8.11%. There are 4,047 borrowers.

Compound recently introduced COMP, a token running on the Ethereum blockchain that allows its holders to vote on governance decisions for the Compound project. It has fast become one of the most popular DeFi cryptocurrencies.

Compound is the new king of DeFi after just one day of COMP trading

The rapidly growing decentralized finance industry has a new top crypto. Compound’s COMP token went live for trading yesterday, and it has already overtaken Maker, the previous king of DeFi, in market capitalization by a wide margin.  COMP not only surpassed MakerDAO, it now has close to twice as much total market cap at roughly $859 million versus $551 million, according to DeFi data tracking website DeFiMarketCap. What’s more, the addition of COMP to the ranking has sent the total market capit...

The value of COMP stood at $235.65 on Saturday, according to CoinMarketCap data. The price of the token skyrocketed after Coinbase Pro announced it would make the asset available to trade its platform. 

Price of Compound token continues to soar ahead of Coinbase listing

Interest in Compound’s COMP has continued to soar over the past 24 hours—sending the value of the asset through the roof and securing its place by market cap as the biggest decentralized finance (DeFi) token.  The value of COMP, which went live for trading on Monday, has increased by over 80% in the past day, surpassing popular Ethereum token Maker as the biggest DeFi cryptocurrency. The price of its COMP now stands at $371.68 and its market cap is fast approaching $1 billion, according to data...

DeFi is one of the hottest topics in the cryptocurrency space. By cutting out the need for middlemen—as seen with your typical bank—DeFi wants to help those locked out of, or without access to, traditional banking. 

With $1 billion in its smart contracts, Compound’s clearly on the right track.