Compound Protocol (COMP) established as one of the flagships of the upcoming DeFi assets euphoria
As AZCoin News reported, Compound Protocol Token (COMP) made a great effort to reach the top 25 CoinMarketCap in a very short time. This is a remarkable effort because COMP is currently the most famous DeFi product, surpassing the most well-known DeFi product, Maker, by a wide margin.
Compound Protocol (COMP) also surpassed veterans of the crypto segment ATOM and ZEC
COMP token is used as a governance asset in the compound autonomous interest-earning protocol. It is also used in protocol rewards mechanisms. Over the past 24 hours, COMP has also surpassed Cosmos (ATOM) and ZCash (ZEC). Since June 16, 2020, COMP price has increased by 155%, from $ 89 to $ 227. This is an event similar to VeChain (VET), the leading flag in the application of Blockchain-based tools in the real world. And COMP will not stay in its position for too long. Furthermore, COMP’s asset is only changing hands on the two top-level exchanges (Poloniex and IDEX) and on Uniswap’s decentralized protocol.
Source: CoinMarketCap
Compound Protocol Token is not the only property related to a decentralized financial segment. For example, Aave Protocol’s token (LEND) is one of the leading average tokens on spot exchanges, with a 17% increase in 24 hours. Meanwhile, the Bancor Network Token (BNT) has also managed to erase all price losses due to disclosing security flaws and irritating its owner with two-digit performance.
Many prominent analysts appreciate the explosion of DeFi assets. As AZCoin News reported, there are currently more than $ 1.3 billion of locked value in Ethereum DeFi applications. However, DeFi is just getting started and may not be a smart bet.
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