Compound Becomes First Billion-Dollar DeFi Unicorn

Compound Becomes First Billion-Dollar DeFi Unicorn

Compound Becomes DeFi’s First Unicorn

Compound Finance, a decentralized lending protocol company, became the first billion-dollar unicorn with a valuation of its COMP tokens opening at billion-dollar market capitalization.

COMP is now the most valuable digital token operating in the decentralized finance (DeFi) sector, after distributing 4.3 Million of the total 10 million tokens to its investors. The Compound is the second-largest DeFi lending platform after MakerDao. The total amount of value locked in the Compound lending protocol increased by 29% with more than 62,000 ETH locked in the smart contract.

Holders with more than 1% of the supply would be able to submit governance proposals. 24% goes to shareholders of Compound Labs, Polychain Capital owns 3.26%, a16z owns 3.45% of tokens. Polychain Capital owns 3.26%, other investors include Bain Capital Ventures, Coinbase, and Paradigm Capital.  Compound’s founders and team get 22.25% of tokens, with 4-year vesting schedule.

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Compound (COMP) Trading at $98.55
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Compound Finance – $1B Unicorn Market Cap

Compound has quickly become a leader in the DeFi industry and is now propelling the lending protocol into the Unicorn club. The price of COMP tokens increased in its first day of trading, quickly crossing $100 mark making it a billion-dollar start-up. As reported the price is now trading at $75 per COMP token, followed by MakerDao at a price of $548.75 per token. This makes COMP the biggest DeFi token by market cap, outperforming MakerDAO’s MKR at ~$530M. COMP’s market cap is now absolute worth bolted, to MakerDAO.

Total Value Locked in Compound Protocol
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Compound initially disclosed information regarding Compound token in February, commencing its agreement to change control of the protocol from the organization to its token holders. During the underlying time frame, COMP was distributed among the team members. The token went live in mid-April. The governance protocol can be seen here.

Read about Smart Contracts: Here.

Read about Supply Chain Management.

Read about Tokenization.

Read about Bonds Issuance on Ethereum: Here.

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