Will 2020 be the Year DeFi Explodes?
Earlier today Binance, one of the largest cryptocurrency exchanges have announced that they will be listing Compound (COMP). This is the second major exchange listing the DeFi token following CoinBase Pro which listed COMP 3 days ago.
This brings the total number of exchanges listing COMP to 20, with other notable exchanges being MXC, IDEX & Poloniex.
Compound & DeFi
Compound is a DeFi token based on Ethereum which offers a high-interest lending protocol. It is listed as the top DeFi protocol above Maker with $560.2M locked in. The token itself is used for the governance of the platform and holders can propose and vote changes to the compound protocol.
As of now, news of Binance's listing has not helped COMP's price. It is currently trading at $227 a 3% decrease since yesterday. COMP has gained some minor ground in its Bitcoin and Ethereum valuations however, gaining roughly 2% in both. The decrease in COMP's fiat valuation seems to be linked to Bitcoin's recent price decline.
Should COMP be listed get listed on more exchanges and maintain its high interest rates, it could secure itself as a DeFi powerhouse. It could also cement itself as one of the top leading cryptocurrencies.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado