COMP Grows by 45%, Compound Treasury Launched
After a major correction over the past month, the DeFi market has shown a recovery. DeFi token Compound (COMP) has registered a solid rally, gaining almost 45% in just the past three days.
The COMP price rose from $215 on Sunday, June 27, to $ 325 during a market rally on Tuesday. The recent rally has been accompanied by improvements in its network metrics. Over the past three days, there has been a significant increase in the address activity of COMP. In addition to active addresses, daily active deposits for COMP are also on an upward trend. Looking at the previous bursts of deposits, everything points to a local top in the COMP price. Analyst firm Santiment notes that the surge isn't really a good sign for COMP. The indicators suggest that COMP may come under pressure and the price will move lower after the recent rally.
In an effort to serve the institutional DeFi players, DeFi Compound Labs has announced the creation of Compound Treasury. Compound Treasury's new legal entity will work in partnership with Circle and Fireblocks to allow fintech firms and neobanks to easily convert to USDC. These USDC stablecoins will be deployed on the Compound network with a guaranteed interest rate of 4%.
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