Compound Finance, DeFi’s lending platform, took over the DeFi space and even surpassed Maker in terms of the total value locked. However, Maker regained its position as the face of DeFi.
How The Tables Have Turned
Decentralized Finance [DeFi] has undoubtedly taken the crypto-verse by storm over the last few weeks. Prominent DeFi lending protocol, Compound Finance fueled the prevalence of the DeFi space. Soon after the release of the Compound’s governance token, COMP the DeFi space started stacking more funds than usual. Since the last few weeks, DeFi has been recording consecutive all-time highs in terms of the total value locked in it.
Compound Finance started locking USD in large numbers and even took over Maker, which had previously been the face of DeFi. Compound Finance was lauded for this along with COMP token’s price movement. However, the tables have turned as Maker is once again on top. At the time of writing, Maker had locked a total of $640.8 million. Compound, on the other hand, had locked $638.3 million with an 8.55 percent decrease over the last 24-hours.
Despite, Compound’s downfall the total value locked in DeFi had recorded another all-time high. During press time, the total value locked in DeFi was at $2.74 billion and Maker had dominated the space by 23.42 percent. The lending platform, Aave, and decentralized exchange Curve Finance accounted for most of the value locked as both these platforms witnessed 41.05 percent and 101.57 percent increase over the last 24-hours respectively.
COMP Token Continues To Fall
Compound’s COMP governance token garnered extensive traction following its price change during its initial days. Additionally, Coinbase listing also fueled the price of the token and pushed its price to a high of $372.79. However, the hype around the coin did take a hit and so did its price. Even during the latest altcoin rally, the price of the coin witnessed a slump.
At press time, the COMP token was trading at $160.69 with a 3.2 percent drop its price for the last 24-hours.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org