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Compound’s COMP governance token rose 27.3% over 24 hours on October 20, outpacing Bitcoin and Ether, The Defiant reported. The token also led both benchmarks over the past seven and 28 days.
No announcement, governance vote or partnership has been identified as a catalyst for the move. COMP had traded around $21.60 on October 17, according to CoinMarketCap data.
Protocol deposits lag the token rally
The rally has not been matched by activity on the lending protocol. Compound’s total value locked remains below its late-September level, according to The Defiant.
Compound’s protocol TVL stood at about $1.53 billion in early September, when the Compound Foundation launched an Institutional Market for USDC lending on Compound v3. The market accepts ETH collateral at loan-to-value ratios of up to 87%, as well as wstETH, WBTC and cbBTC, and is part of a $52 million institutional program.
No link between the institutional push and this week’s price move has been reported.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
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