Compound's COMP token jumped 27.3% in 24 hours, sharply outperforming bitcoin and ether. The source says the cause of the rally is unclear, and the protocol's total value locked remains below its late-September level.
Compound's COMP token jumped 27.3% over the 24 hours through 1 p.m. ET on Oct. 20, sharply outperforming bitcoin and ether. The Defiant calculated the figure from CoinGecko prices.
COMP leads over three time frames
Bitcoin gained 1.0% and ether rose 2.1% over the identical window. COMP also led both assets over seven and 28 days, although its one-day jump exceeded its gains over either longer period.
COMP traded at $27.38 at the endpoint, compared with $21.51 a day earlier. The move reversed earlier losses rather than extending an uninterrupted advance.
Locked value lags the token
The rally was much larger than the increase in the total value locked in Compound's lending protocol. DefiLlama put that figure at $1.52 billion at about 1:11 p.m. ET, up 1.5% since 8 p.m. the previous evening.
That reading was still 8.7% below its level at 8 p.m. ET on Sept. 21. The cause of COMP's rally is unclear.
Institutional market and governance
Compound's institutional market, which opened in September, offers USDC borrowing against ether and wrapped bitcoin collateral. Borrowing is open to anyone, while approval applies to boosted supplier rewards.
The protocol's market dashboard showed $21.09 million earning yield and $18.10 million borrowed in that market, with utilization at 85.81%.
Governance activity continued alongside the move. Proposal 618, submitted by Ugur Mersin on Oct. 20, seeks to move custody of a fund known as EPCF to the Community Multisig while keeping the fund open. It remained pending with no votes recorded.
Source: The Defiant
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