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.
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.