Compound reached $15B in total lending value with new heights of over $15 billion worth of the crypto available for borrowing as we can see more in our latest altcoin news.
There’s more than $15B worth of crypto available for borrowing the decentralized lending Compound protocol. Compound reached $15B and dominates the DeFi market with 19% of the value locked in DeFi and $9.24 billion out of $48.75 billion recorded. More than $15 billion worth of crypto is available for borrowing the decentralized lending protocol which reached a new high amid the crypto bull run.
Today, there is $10 Billion supplied to the Compound protocol, earning interest.
When we first built Compound, this number was a fantasy; #DeFi was not a term; and the idea of a smart contract autonomously managing assets was almost absurd.
Onwards 📈 pic.twitter.com/ZzX148BqiU
— 🤖 Leshner (@rleshner) February 20, 2021
The total amount of crypto for borrowing on the app refers to the total amount which can be borrowed instantly. The figure increased from $10 billion to $15 billion today. As of today, 34% of the value supplied to the platform is in ETH, 23% is in USDC and 19% is in the US-pegged stabelcoin DAI. The value is supplied by 284,845 users.
— 🤖 Leshner (@rleshner) February 6, 2021
Compound dominated the DeFi market with about 19% of the value locked in DeFi and $9.24 billion out of the total $48.75 billion being locked up in the app as per the DeFi metrics site DeFi Pulse. Coming up is Maker with $7.79 billion and Aave with $5.80 billion. COMP is a DeFi protocol that lets traders borrow money and earn interest on crypto.
— 🤖 Leshner (@rleshner) November 11, 2020
DeFi represents a wide network of non-custodial and finance services powered by smart contracts with the protocols allowing the users to use bank-like services without the need for a bank or other third-party intermediary. Most of the bigger ones are built on the ETH network. The governance of the protocols is also decentralized so the token holders can vote on the future of the network and the governance decisions will be made by staking COMP. its price is now set at $552 as per the CoinMarketCap data, while Compound reached $15 billion in value.
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