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The total amount committed on Compound’s DeFi platform exceeds $ 1 billion

June 30, 2020

The full value of Compound’s decentralized loan log has exceeded the $ 1 billion markAccording to a tweet from the company’s CEO, Robert Leshner.

In his tweet, he added that he “excited about the owners of COMP (the platform’s native token) to extend and update compound“”

The value provided for the DeFi protocol can be borrowed from other users. Most of the funds blocked on the platform are pledged with the Basic Attention Token (BAT), Ethereum (ETH) and the Stablecoin USDC. These goods are provided by 29,300 users.

The total amount committed on Compound’s DeFi platform exceeds $ 1 billionThe total amount committed on Compound’s DeFi platform exceeds $ 1 billion

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About 75.4% of the $ 369 million borrowed on the platform is BAT, with Tether’s USDT accounting for another 9.1%. Next comes DAI with 8.1%. There are just over 4,000 borrowers on the platform.

The amount committed for the decentralized financing platform Compound increased after the introduction of the COMP governance token.

The token is based on the Ethereum blockchain and is distributed through loans or funding to users who interact with the protocol.

This has prompted some users to lend and liquidate the system as much as possible to receive COMP tokens that are currently trading above $ 230.

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Last week the COMP gained 280%, This is the most appreciated cryptocurrency in June.