{"id":541726,"date":"2023-07-07T12:30:23","date_gmt":"2023-07-07T12:30:23","guid":{"rendered":"https:\/\/uniquehot.com\/?p=541726"},"modified":"2024-06-11T14:38:27","modified_gmt":"2024-06-11T14:38:27","slug":"compound-rallies-over-100","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/compound-rallies-over-100\/","title":{"rendered":"Compound (COMP) Token Rallies Over 100% After CEO Quits – Details"},"content":{"rendered":"
Robert Leshner, the well-known creator of the DeFi lending platform Compound Finance, has resigned from his position as the CEO of the DeFi lending protocol.<\/p>\n
Leshner recently announced his plan to launch Superstate Trust, a new business venture. The creation of a short-term government bond fund is the goal of this endeavor. Notably, Superstate Trust has already raised\u00a0$4 million in startup money from a variety of DeFi investors.<\/p>\n
Compound (COMP)<\/a>, the native token of Compound Finance, is still on the rise despite Leshner’s resignation. COMP, which is currently trading at $55.87, has experienced a spectacular rise in value of 22.47% over the last two days.<\/p>\n The Defiant Terminal reports<\/a> that Compound Finance has $2 billion in assets and that its governance token COMP has increased by over 100% in the last week.<\/p>\n Significant digital assets including Bitcoin (BTC), Ethereum (ETH), and the S&P 500 have all increased by less than 3% during that time period.<\/p>\n This outstanding performance demonstrates Compound’s (COMP) robustness and adaptability in the face of organizational changes and reflects increased investor trust in the token’s potential.<\/p>\n <\/p>\n Compound supporters believe that recent significant cryptocurrency ownership outflows by important market participants are clear signs that the price of Compound (COMP) will continue to rise.<\/p>\n These backers are optimistic\u00a0that Compound and its chances for future growth are looking good thanks to the withdrawals made by crypto whales, who own substantial sums of digital assets.<\/p>\n Bullish investors predict Compound may even surpass the remarkable valuation of about $80 in the upcoming weeks as a result. This upbeat attitude is based on the idea that these powerful players’ withdrawal activities reveal their trust and confidence in Compound’s long-term potential, acting as a catalyst for the stock’s upward trend.<\/p>\n <\/p>\n The Superstate assets will have the chance to be represented on the Ethereum blockchain, claims a prospectus filed with the Securities and Exchange Commission. The prospectus stressed the use of blockchain technology and the advantages of “operational efficiencies” that come with it.<\/p>\n On the Ethereum blockchain, Compound is a protocol for an algorithmic money market. In particular, the current DeFi craze is ascribed to this network for initiating it.<\/p>\n In the middle of the summer of 2020, Compound was the first platform to introduce yield farming to the market. In many ways, yield farming is comparable to staking cryptocurrency.<\/p>\nCompound (COMP) token soars after CEO quits. Source: The Defiant Terminal<\/a><\/pre>\n
COMP market cap currently at $431 million. Chart: TradingView.com<\/a><\/pre>\n