imageCryptocurrency3 hours ago (Jun 29, 2020 02:40PM ET)

Compound’s COMP Token Takes DeFi by Storm, Now Has to Hold Top Spot

When Compound launched its governance token, COMP, on June 16, few in the crypto space could have predicted how rapidly it would rise to the top. As Cointelegraph reported at the time, it only took a single day of trading for COMP to become the leader of the decentralized finance rankings. It was a historic moment for any fans of DeFi, marking the first time that Maker (MKR) had been toppled from its throne since the DeFi movement began.

News of a Coinbase Pro listing only pushed the price to further heights. But as is inevitably the case with cryptocurrencies, volatility moves in both directions. Only days later, COMP prices fell from highs of $427 to below $250, only to jump 25% after Binance suddenly announced it was listing the token as well. Later, some analysts proposed that the price had been artificially pumped using derivatives.

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Compound’s COMP Token Takes DeFi by Storm, Now Has to Hold Top Spot

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