A massive milestone has been achieved this week by a token from the Decentralized finance world. The Compound’s token COMP has topped the decentralized finance ranking on the first day of trade and becomes the current largest DeFi token by market capitalization. COMP has left behind MakerDAO which was the previous leading DeFi coin by market cap.
COMP becomes Defi Unicorn
The first day of trade has been very successful for the new finance token of Compound (COMP) as it has recorded massive bullish gains. COMP’s bullish rally recorded over 60% within the duration of just a few hours on the first day of trading. Due to this bullish rally, the market capitalization of COMP skyrocketed. After the completion of the first day of trading, the COMP token is standing at the top position by market cap. Camila Russo says in her newsletter The Defiant that COMP has now become a Defi Unicorn.
COMP has surpassed MakerDAO in terms of market capitalization and has a 35% greater market cap than that of MakerDao. According to the data from DeFiMarketCap.io, the market cap of Compound’s token stands around $740 million while MakerDAO’s current market cap is $547.1 million.
The second-largest DeFi Protocol by asset under management
Apart from becoming a leader DeFi token by market cap after one day of trading, Compound’s COMP has registered another achievement in the same week by becoming the second-largest DeFi Protocol in terms of assets under management. The total value locked in COMP reaches $176.6 million after a rise of 48% in just one day.
The founder of Synthetix Kain Warick praised this successful achievement of COMP token and says that if the coin continues the current performance, it might be able to take the first rank as a DeFi Protocol in terms of assets under management. He also said that the Compound’s token is going to make a real difference in the future. He said, “it’s the new lenders flowing in over the next weeks and months that will really make a difference”.
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