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

News
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.)

Monero-Bitcoin Atomic Swaps Live in Testnet, MVP on Menu

News
Thu, 01/14/2021 - 17:39
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Vladislav Sopov
Atomic swaps are peer-to-peer interactions between two blockchains. With new release by COMIT enthusiasts, BTC/XMR swap is right around the corner
Monero-Bitcoin Atomic Swaps Live in Testnet, MVP on Menu
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COMIT Project tasked with building cross-chain interaction infrastructure, has shared an update of its Bitcoin/Monero experiments. While testnet XMR/BTC swaps are up and running, while minimal viable product (MVP) is coming soon.

Developers polish XMR/BTC swaps

According to the announcement shared by COMIT team in its official subreddit, during last weeks several atomic swaps occurred between Bitcoin (BTC) testnet3 and Monero (XMR) stagenet sandbox environments.

XMR/BTC swaps are live in testnet
Image via Twitter

Meanwhile, the setup of the instrument remains cumbersome, in particular - on Bitcoin (BTC) side: it takes full Bitcoin testnet node and depends on internal wallet used for testing. 

MVP, which is going to be shipped in the next phase of experiments, will initially act as a single-sided tool. Users will be allowed to buy XMR from a fixed market maker that broadcasts XMR/BTC price on a website.

First version of tool will be released in form of a command line interface (CLI).

What does that mean for Bitcoin and for Monero?

The team is sure that single-sided version of a new tool (one direction/one fixed maker) is a good one to start with, in terms of further development. 

Next releases will include decentralized market-making (maker discovery and orderbook) and evolve into peer-to-peer marketplace.

At the same time, another team is working on different solution for BTC/XMR atomic swaps. It is funded by a large-scale Community Crowdfunding System (CCS), Monero community-driven initiative.

Releasing atomic swaps with Monero (XMR) may result in increasing the privacy of Bitcoin (BTC) holders: they will be able to obfuscate transactions with no need to interact with centralized services.

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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.)