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.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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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.)