Compound has overtaken MakerDAO, Saturday, June 20, to become the largest decentralized finance protocol by total value locked according to data from DeFi Pulse. There is approximately $500M in cryptocurrency locked on Compound compared to $486M on MakerDAO.
Compound began distributing its native governance token, COMP, on June 15, to token borrowers and suppliers on its platform. Following its distribution, COMP’s token started trading on decentralized exchange Uniswap at a price of approximately $30. The tokens are now trading at $249, per data from CoinGecko.
The COMP token was first unveiled in February and went live on Ethereum in mid-April.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.