Compound’s governance token COMP has gained popularity in the crypto market as well as in decentralized finance (DeFi) market at a fast pace within no time. Compound has now taken the crypto market with a potential storm after its launch.
On June 16, the governance token COMP was launched and only after a single day of trade, the coin was able to take the first place in the decentralized finance market. Compound was the first project on the Ethereum blockchain that surpassed the first-rank holder Maker (MKR) for the first time in the entire DeFi history.
A few days after it was released onto a decentralized lending platform for investors, the total locked value on Compound surged high breaking for the first time above $200 million and set a new all-time high value at around $750 million.
Apart from this, USDC, the stablecoin of Coinbase is currently having more than 10% of its total supply locked on Compound. Since the 11th of July, the tether’s total amount locked on Compound has surged by over 8000% as well.
Compound’s COMP got listed on Coinbase and Binance
Another milestone that this governance token registered was to get the listing on one of the top crypto exchanges Coinbase. This happened because of the one-day price shot up of the coin when it gained over 143%. The price value of the coin faced a sudden drop right after this announcement was made. However, when the major crypto exchange Binance announced to list the coin on its platform, the price value of the coin got a boost and gained 25% within the duration of a few days.
No one was expecting that the Compound’s COMP token will gain popularity in a shorter time frame but the governance token has shown dominance in both the crypto market as well as in the DeFi market.