WOW this defi platform is EASY to use!
- Explosion of DeFiDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to open, efficient and … More
- Blame again Tether
Tether capitalization on Compound’s DeFi platform grows to $ 237 million in a week
DeFi Market Gains Momentum With Growth Of Cryptocurrency Lending Platform.
In a little less than a week, the price of the in-platform COMP token soared by almost 200%.
At the same time, the token itself is still far from being listed on all crypto-exchanges..
The popularity of the decentralized platform for crypto-loans is gaining momentum after the release of the in-platform COMP token.
The capitalization of the stablecoin Tether (USDT) on the Compound decentralized lending platform soared from $ 936 thousand to $ 237 million in just a week.
At the time of this writing, the market liquidity of USDT on Compound is 97.7 million units.
The surge in popularity around Compound is primarily due to the fact that the on-platform token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More Compound (COMP) Gains Market Mass Through Listing On Coinbase And Other Cryptocurrency Exchanges.
Starting June 17, COMP token has skyrocketed by almost 175% and is now trading at $ 208.
Compound is one of the few decentralized cryptocurrency lending platforms on the market..
Explosion of DeFiDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to open, efficient and … More
However, its peculiarity is far from the only factor why Coinbase decided to add the COMP token to the listing..
The investment arm of the American cryptocurrency exchange Coinbase Ventures is listed as a Compound investor on the platform’s home page.
Despite the fact that the exact amount of Coinbase Ventures’ investment in Compound is unknown, in November 2019, DeFi crypto lending service was able to raise $ 25 million from another investment holding – a16z.
Demand for cryptocurrency lending platforms in 2020 swings with particular force after USDT stablecoin issuer added support for the ERC20 protocol for USDT.
Blame again Tether
Earlier, the editorial staff of BeInCrypto wrote that due to the overwhelming popularity of USDT on the Ethereum blockchain, the blockchain network from Vitalik Buterin was even able to overtake the Bitcoin network in commission costs.
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The excitement is further fueled by reports of an increase in USDT supply in the general cryptocurrency market.
So, from June 1, 2020, all transfers from USDT on the Bitfinex exchange will migrate to the OMG network in order to solve the scalability problems of the Ethereum blockchain..
At the time of this writing, the capitalization of the largest stablecoin is $ 9.2 billion.
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