We may receive financial compensation from these third parties. Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. Celsius filed for bankruptcy this week while there are concerns about other similar companies. The analogy is that of well-known companies that thrived after the dot com bubble.Īnother reason is that investors believe that Compound will do well as many centralized platforms collapse.
One possible reason for the rally is that investors believe that these platforms will not only survive the current crypto sell-off but that they will thrive. Some of the most notable tokens that have risen sharply are Uniswap, Aave, and Curve DAO. The COMP price is rising as investors move back to blue-chip DeFi platforms. According to DeFi Llama, the TVL of all platforms has dropped from over $250 billion to less than $73 billion. Its total value locked (TVL) has crashed from about $9 billion to less than $3 billion. Like all DeFi platforms, Compound has been under intense pressure in the past few months. Other popular markets in its ecosystem are Wrapped BTC, Tether, and Basic Attention Token (BAT).
Its leading markets are USD Coin, Dai, and ETH. It has thousands of users from around the world.Īccording to its website, Compound has a total supply of over $3.3 billion and a total borrow of over $800 million. Why is Compound rising?Ĭompound is a leading DeFi blue-chip platform that enables people to earn returns and borrow money in a decentralized format. It has jumped by more than 123% from its lowest level in June, bringing its total market cap to over $391 million. The COMP token rose to a high of $57.63, which was the highest level since June 8th. Compound price continued its bullish trend as Decentralized Finance (DeFi) blue-chip coins continued their comeback.
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