Decentralized lending platform, Compound continues to gain attention and popularity in the DeFi space. According to a recent announcement by Compound CEO Robert Leshner, there is now $1 billion supplied to the protocol. What this means is that, the amount available on the project for people to borrow or the coins market cap is currently $1 billion.
As of June 28, about 31 percent of the value supplied to the platform is in Brave’s token (BAT). 23.27% is in Ethereum (ETH) and 22.83% is in the USDC stablecoin. This value is supplied by 29,308 users of the Compound platform.
Currently, $369 million is being borrowed from Compound’s platform. Out of this, 75.4% are in BAT followed by USDT with 9.1%, and then DAI with 8.1%. The number of borrowers on the platform also currently stands at 4,047.
Compound recently introduced its governance token, COMP, a token which runs on the Ethereum blockchain. It allows holders to vote on governance decisions for the Compound protocol. The COMP token has soon become one of the most popular DeFi cryptocurrencies. At press time, the value of COMP is up by a little over 4% and trading at $246, according to data from CoinMarketCap.
The Compound protocol recently surpassed its rival, MarkerDAO in terms of DeFi dominance after the COMP token distribution. Before the event, there was $97.7 million on Compound as against $480 million on MarkerDAO. However, a week after the event, Compound had $595 million worth of COMP tokens locked in DeFi, as against $442 million for MarkerDAO. With this development, DeFi pulse started to list “Compound Dominance” instead of the former “Marker Dominance”.
The Compound Dominance as at today, June 28 stands at 38.8%. Having $1 billion in its smart contracts, the Compound protocol is clearly on the right track of becoming the king of DeFi.