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Compound (COMP) Market Cap Surpasses Maker (MKR) Cap. Has DeFi’s FOMO Started?

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Sat, 06/20/2020 - 14:56
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Vladislav Sopov
Compound Protocol (COMP) has already established itself as one of the flagships of the upcoming DeFi assets euphoria. It appears that it has achieved a crucial milestone.
Compound (COMP) Market Cap Surpasses Maker (MKR) Cap. Has DeFi’s FOMO Started?
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Despite its live trading being launched three days ago, the splendid performance of Compound Protocol Token (COMP) has managed to bring it closer to the Top 25 cryptocurrency assets in terms of the size of their market capitalization.

A Star Has Risen

According to the statistics of Coingecko, a top-level independent analytical ecosystem, the Compound (COMP) token is currently trading at $207, ranking it #26 on the list of coins with the largest market capitalization.

COMP surpasses MKR in terms of capitalization
Image by Coingecko

That being said, COMP surpasses the most well-known DeFi product, Maker, by a wide margin. Within the last 24 hours, COMP also surpassed veterans of the crypto segment, Cosmos (ATOM) and ZCash (ZEC). It also looks like VeChain (VET), the flagship of real-world adoption of blockchain-based instruments, won't stay in its position for so long.

This was achieved despite the fact, that at press time, COMP's asset is only changing hands on the two top-level exchanges (Poloniex and IDEX) and on Uniswap's decentralized protocol, according to the Coingecko analysts.

COMP's price performed increased at an insane rate within the first days of trading publicly. Since June 16, 2020, i.e. the date that the public started to track its performance, it surged 155%, from $89 to $227.

New Bubble or New Era?

It isn't the only asset associated with a decentralized finances segment that's performing brilliantly right now. For instance, Aave Protocol's token (LEND) is among the top mid-cap gainers on spot exchanges, with a 17% surge in 24 hours. Bancor Network Token (BNT) also has managed to erase all price losses caused by a security bug disclosure and excited its holders with a double-digit performance.

COMP token is used as a governance asset in compound autonomous interest-earning protocol. It is also used in protocol rewards mechanisms.

Numerous prominent analysts highly evaluate the outbreak of DeFi assets. As recently covered by U.Today Crypto News, blockchain researcher Chris Burniske highlighted that this game has only started and 'missing this boat' may not be a smart bet.

Three Arrows Capital's CEO Su Zhu also announced that the popularity of DeFi is much more sustainable and accretive compared to the ICO hype of 2017.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

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Fri, 10/23/2020 - 09:24
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Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
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Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)