Compound overtook MakerDAO Saturday as the decentralized finance (DeFi) protocol with the most worth locked.
As of June 20, Compound has $484 million in cryptocurrency locked, whereas MakerDAO has $481 million, in accordance with DeFi Pulse. The COMP token is buying and selling at $220.25 as of this writing, in accordance with CoinGecko. It’s all time excessive value has been $231.
On June 15, Compound customers started incomes the software’s new governance token, COMP, for all cryptocurrency lent to others on the app and in addition for all borrowed. Users rushed to get the first disbursements of COMP as a result of the liquid provide on the market is so restricted.
This drove many customers to provide Compound with significantly extra capital, and in most circumstances, for these customers to show round and borrow towards that capital, so they may earn COMP each for borrowing and lending.
To date, MakerDAO has been the dominant platform in DeFi since DeFi Pulse started, a lot in order that the web site has tracked “Maker Dominance,” the % of all worth locked in DeFi that’s held by MakerDAO. The web site now lists “Compound Dominance,” which stands at 34.39%.
Last Sunday, earlier than COMP distribution started, there was $97.7 million on Compound and $480.5 million on MakerDAO.
It will take 4 years for the token provide allotted for customers to be utterly distributed. Most tokens are held by the founders, workforce and traders, although in most circumstances this provide is topic to a vesting interval. Compound’s most up-to-date funding spherical was $25 million led by Andreessen Horowitz.
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