The Compound project is now leading the DeFi market
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Answer The Compound project is now leading the DeFi market
The Compound project has emerged as a new leader in the decentralized finance sector, according to a new assessment by the . platform Defipulse.com It shows the ranking of decentralized finance projects in terms of total closed value.
The Compound project, which provides cryptocurrency lending services, is the number one DeFi startup in terms of total closed value.
The previous project, MakerDAO, which was ranked first, fell to the second place after being overtaken by the Compound project.
At the time of writing, over $600 million has been reserved for the Compound project and $453 million for MakerDAO.
The changes occurred a few days after Compound Code Project (COMP) codes began to be distributed among users.
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Also, taking the first place from the Compound project came after the announcement of the listing from the “Coinbase” platform.
COMP tokens are already traded on the Uniswap decentralized trading platform.
Coinbase’s major announcement of the inclusion of COMP token led to a significant increase in the price of the COMP token.
The value of the cryptocurrency increased by more than 200% in just 7 days, which is what we indicated in a previous article on Arab Bitcoin:
COMP coin is witnessing a rise of more than 250% for these reasons
Coinbase is among the early investors in Compound as Brian Armstrong’s company has combined its digital wallet with crypto-lending protocols.
According to CoinGecko data, Compound has a market capitalization of $746,713,110 at the time of writing and the minimum and maximum 7-day COMP rates were $67.31 and $336.22, respectively.
Recently, representatives of the crypto industry have taken great interest in the decentralized finance market, emerging companies in this field continue to attract significant investments, and major companies are seeking to bring their developments to the decentralized finance market.
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More information about the Compound project can be done through Link
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More than $420 million worth of Ethereum is locked into DeFi platforms
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