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Compound(COMP)
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$45.7505
(1.26%)
0.00161735 BTC
Market Cap (Rank#120)
$332,475,776
11,754 BTC
Vol 24h
$15,086,765
533.342 BTC
Circulating Supply
7,267,152
Max Supply
10,000,000
1h ago • cryptopotato
Flagstar Takes Over Signature, Minus Its Crypto Business
Flagstar Bank will take over most assets and business operations of Signature Bank, completely excluding those related to crypto.
2h ago • cointelegraph
Over 80 crypto firms eyeing presence in Hong Kong: Financial Secretary
Since October, more than 80 virtual asset companies have expressed interest in establishing in the city, while 23 have indicated actual plans of doing so.
4h ago • cointelegraph
Bitcoin ATM maker shuts cloud service after user hot wallets compromised
Bitcoin ATM manufacturer General Bytes said a hacker was able to install and run a Java application in its terminals that could access user information and send funds from hot wallets.
14h ago • cryptopotato
Crypto Firms Are Retreating to Swiss Banks After Industry Meltdown
American crypto companies are quickly moving offshore to find reliable banking access.
16h ago • cryptopotato
MBLK Token Private Sale Exceeds Expectations, Sets Stage for IDO Success
[PRESS RELEASE – Dubai, United Arab Emirates, 17th March 2023] ZOGI Labs, a multidivisional blockchain company and gaming studio established in May 2021, and the team behind the revolutionary MMORPG Legends of Bezogia, has announced the successful conclusion of its private token sale for its in-game currency, Magical Blocks ($MBLK). Led by web3-focused M3 Ventures […]
22h ago • coindesk
U.S. Banking Cutoff Presents Opportunities for Crypto in Europe
U.S policymakers seem to be doing their best to suffocate dollar on-ramps into crypto, leaving the door open for other mature markets to gain a competitive edge.
1 day ago • cryptodaily
Crypto Weekly Roundup: Euler Finance Hack And More
This week, the Euler Finance protocol was hacked, resulting in the loss of millions of dollars of crypto. The attacker turned down the protocol’s offer of retaining 10% and has started mixing the funds to obfuscate them. Keep reading to find out more.
Bitcoin
Bitcoin has pushed through the $25,000 major resistance level. However, the charts suggest it could be at or near its top for now.
Ethereum
Ethereum developers have completed the final round of testing for the network prior to the Shapella upgrade.
DeFi
The Euler Finance protocol was hacked, with millions of dollars of $DAI, $USDC, $StETH, and $WBTC stolen in a flash loan attack.
The hacker who exploited the Euler Finance protocol has turned down the platform’s offer of retaining 10% by mixing 1000 ETH in Tornado Cash.
The world’s largest decentralized exchange Uniswap has officially launched its services on the EVM-compatible smart contract blockchain, BNB Chain.
Altcoins
The Arbitrum Foundation announced that it would be airdropping its new token ARB to the community on the 23rd of March.
Technology
Microsoft is reportedly testing the integration of a Web3 wallet into its Edge browser, according to software documenter and info leaker Albacore.
The Worldcoin project has announced the launch of World ID, a digital identity solution based on zero-knowledge proofs.
The European Union published a document, specifically The Common Union Toolbox for a Coordinated Approach Towards a European Digital Identity Framework: The European Digital Identity Wallet Architecture and Reference Framework, or ARF.
According to a Bloomberg report, Coinbase is exploring the option of setting up a crypto trading platform outside the U.S. as part of an aggressive expansion campaign.
The issuer of the USDC stablecoin, Circle, has stated that it has cleared “substantially all” of the redemption and minting requests for USDC.
Innovation-focused fund manager Ark Invest has raised over $16 million for a new crypto fund that will be divided between the company’s domestic version and its Cayman Islands version.
According to an announcement by the Federal Reserve, New York-based Signature Bank, which had several clients in the cryptocurrency space, was shut down by state regulators.
According to the NYDFS, the shutdown of the Signature Bank is not related to its cryptocurrency dealings.
Banking system instability caused widespread panic over the last few days while crypto networks continued operating without missing a beat.
The Industry Recovery Initiative launched by Binance after the FTX collapse will now be converted from BUSD to BTC, ETH, and BNB.
Circle has stated that it held an undisclosed portion of its $9.8 billion cash reserves at the failed Silicon Valley Bank as of 17th January 2023.
Regulation
Hong Kong is making significant strides towards becoming a global crypto hub, with the latest developments indicating that the city is positioning itself as an attractive destination for crypto-related businesses.
A class action lawsuit is claiming that prominent finance YouTubers who promoted the FTX exchange on their channels should be held accountable.
Congressman Tom Emmer sent a letter to the FDIC Chairman asking for clarification that the FDIC has instructed banks not to provide banking services to crypto clients.
Former Monero lead maintainer Riccardo Spagni, who was extradited from the U.S. to South Africa in July last year, was served with a denial for his appeal to declare his extradition as unlawful.
The European Parliament has voted in favor of proposed legislation that will challenge the immutability of smart contracts.
The FBI is the latest agency to commence an investigative probe against Terraform Labs and its disgraced founder and CEO, Do Kwon.
Labeled the third-biggest ‘bank failure’ in history, the Signature bank was actually solvent when taken over by regulators on Sunday. Did regulators seize their chance to cut off crypto banking?
NFT
According to a recent announcement, Meta has reached the end of the road for its NFT projects on Facebook and Instagram.
Security
NFT marketplace OpenSea recently addressed a vulnerability in their code that could be exploited to leak user data.
The Hedera network has stopped all access to its wallet and app as it investigates technical irregularities, which could be due to a possible exploit in its smart contracts.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
1 day ago • cointelegraph
Peter Schiff blames ‘too much gov't regulation’ for worsening financial crisis
Finding the right balance between regulations and banking institutions is important for Schiff, considering that Puerto Rico regulators closed down Schiff’s bank due to non-compliance.
1 day ago • cointelegraph
What are distributed systems, and how do they work?
Get insights into how distributed systems work with this comprehensive overview.
1 day ago • cointelegraph
What are the Howey test and its implications for cryptocurrency?
The Howey test’s impact on cryptocurrency, explained — legal implications, compliance requirements and more.
1 day ago • cryptodaily
Coinbase Plans To Set Up Crypto Trading Platform Outside The US
According to a Bloomberg report, Coinbase is exploring the option of setting up a crypto trading platform outside the United States of America as part of an aggressive expansion campaign.
As of now, there is no clarity on where the new entity will be based.
A New Crypto Trading Platform
According to the report, Coinbase has already discussed setting up a platform based outside the US, where it has its current headquarters, with some of its institutional clients, market makers, and investment firms. However, there is no clarity about the nature of Coinbase’s overseas operations or where it would be based. Coinbase, apart from its headquarters in the United States, has a strong presence in Spain, Italy, France, the United Kingdom, Ireland, Switzerland, and the Netherlands.
Along with the authorization to operate in the United States, Coinbase holds licenses to operate in Italy, Germany, Ireland, and the Netherlands, along with the UK Financial Conduct Authority. The exchange is also in the middle of procuring additional registrations and licenses in other major markets to comply with local regulations.
Move To Drive Growth?
There is considerable speculation about why Coinbase is looking to international markets. Some believe that the exchange is moving and expanding internationally to keep pace with its rivals, some of whom have gained considerable traction in international markets. Coinbase is currently the largest cryptocurrency exchange in the United States but is facing strong competition from the likes of Binance in the global markets.
Earlier this month, Coinbase announced that it had updated its retail platform in Singapore as a result of a strategic partnership with Standard Chartered bank. The partnership with the bank would allow Coinbase customers to move funds to and from their accounts via local banks. As a result of the partnership, Coinbase customers based in Singapore can cash in or cash out of their exchange accounts using local bank transfers for free, allowing customers to gain more control and flexibility over their assets. Before the partnership, Coinbase customers were forced to use debit or credit cards to transact with the exchange.
The CEO of Coinbase Singapore, and its regional director, Hassan Ahmed, stated,
“Southeast Asia is a crypto-forward region with a lot of demand for holding and using crypto in markets such as the Philippines and Indonesia, as well as a hotbed of innovation for trends like Web3 gaming such as Vietnam”.
Or Is Regulatory Scrutiny The Reason?
However, there is also speculation that the move was forced on Coinbase as regulatory authorities in the US looked to clamp down on the crypto firms for their perceived role in the ongoing banking crisis. Recently, three major banks in the United States, Silicon Valley Bank, Silvergate Bank, and Signature Bank, failed, leaving a huge impact on depositors.
In recent months, regulators, including the Securities and Exchange Commission (SEC), have come down hard on crypto firms for staking services offered in the US. Coinbase also faces banking troubles after it emerged that around $240 million in corporate cash balances are stuck with Signature Bank. Despite the clampdown, Coinbase, in a communication with users, stated that its staking program would continue.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
2 days ago • cryptodaily
Hong Kong's Open Crypto Regulatory Framework Attracts New Firms
Hong Kong is making significant strides towards becoming a global crypto hub, with the latest developments indicating that the city is positioning itself as an attractive destination for crypto-related businesses.
Recent reports indicate that Signum Digital, a joint venture of Coinstreet and Somerley, has received approval-in-principle from the Hong Kong Securities and Futures Commission (SFC) for its security token offering (STO) and subscription platform, which will be a pioneering development in Hong Kong. Cryptocurrency data firm Kaiko has also announced its plans to move its Asian headquarters from Singapore to Hong Kong, citing the city’s pro-crypto policies and impressive recovery from covid-related restrictions.
Security tokens, a new category of digital assets built on blockchain technology, represent ownership of tangible assets like private equities, real estate, art, and collectibles. By being linked to real-world assets, security tokens lower risks for potential investors, facilitate research processes, and provide a foundation for the market value of the investment opportunity.
According to Signum Digital, following the receipt of final authorization from Hong Kong’s SFC, it will manage the STO platform using the brand name “CS-Pro.” The STO platform is expected to create new investment opportunities for everyday investors, and it will be subject to the regulatory frameworks set up by the Hong Kong government.
Kaiko, on the other hand, is relocating its Asian headquarters from Singapore to Hong Kong due to the latter’s pro-crypto policies and attractiveness to investors, hedge funds, and asset managers. Kaiko has built a reputation for providing credible market data on digital assets to institutional investors and market participants.
Hong Kong’s push to become a global crypto hub has attracted other players in the crypto industry, including Singaporean bank DBS and Seychelles-based crypto exchange, Huobi. The city’s administration is committed to building an enabling environment that facilitates the growth and development of the digital asset industry, and it plans to introduce a mandatory license for all cryptocurrency exchanges and stablecoin providers operating within its territory. The city also introduced the world's first tokenized green bond.
Hong Kong's efforts to establish itself as a leading crypto hub are not only reflected in the influx of crypto-related businesses, but also in the regulatory policies and plans being implemented by the local government. In fact, Hong Kong's growing faith in the digital asset market is apparent in its decision to allow individual investors to freely trade major cryptocurrencies like Bitcoin and Ether, among others.
The Hong Kong government is set to introduce a mandatory license for all cryptocurrency exchanges and stablecoin providers operating within its territory. This move aims to regulate and monitor the activities of digital asset companies, ensuring that they operate within the boundaries of the law and provide a safe environment for investors.
Hong Kong is determined to build a regulatory framework that encourages digital asset adoption while protecting its citizens against industry crises. This is evident in the city's response to the FTX bankruptcy saga that occurred in November 2022. As part of its measures to mitigate the impact of the crisis on its citizens, Hong Kong's Securities and Futures Commission (SFC) mandated FTX to pay a compensation fee of HKD 1.2 billion ($154 million) to affected customers.
Hong Kong's efforts to regulate the digital asset industry are not limited to its domestic market. The city is also exploring ways to collaborate with other countries to establish an international regulatory framework for the crypto industry. In particular, Hong Kong's SFC is a member of the Global Financial Innovation Network (GFIN), a group of regulators from different countries that aims to promote innovation in the financial sector while maintaining regulatory compliance.
It's admirable how Hong Kong's determination to build a regulatory framework that fosters digital asset adoption while protecting its citizens is a positive development for the crypto industry. As the city continues to attract more businesses and investors, its pro-crypto policies and regulatory initiatives are expected to provide a secure and stable environment for the growth and development of the digital asset market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
2 days ago • coindesk
Polygon Partners With Salesforce for NFT-Based Loyalty Program
Salesforce partnership with the blockchain platform marks another major company’s investment into customer engagement initiatives using Web3 technologies.
2 days ago • coindesk
FTX Firms Had $6.8B Hole in Balance Sheet at Time of Bankruptcy
The group of companies had debts of about $11.6 billion against $4.8 billion in assets, according to a presentation filed by its advisers.
2 days ago • cryptodaily
$MBLK Token Private Sale Exceeds Expectations, Sets Stage for IDO Success
Dubai, United Arab Emirates, 17th March, 2023, ChainwireZOGI Labs, a multidivisional blockchain company and gaming studio established in May 2021, and the team behind the revolutionary MMORPG Legends of Bezogia, has announced the successful conclusion of its private token sale for its in-game currency, Magical Blocks ($MBLK). Led by web3-focused M3 Ventures Ltd (HK), the investors, partners, and collaborators of ZOGI Labs also include notable industry leaders like Polygon (MATIC), Cronos Chain (Crypto.com), BNB Chain, as well as multiple ecosystem partnerships with platforms, guilds, and communities. The private sale exceeded all expectations, closing the round with $1.8 Million of token sales and setting the stage for a highly anticipated public sale (IDO).“I strongly believe the reason behind the confidence of our investors comes from Legends of Bezogia being a proprietary late stage product with a mature community and ecosystem which involves tens of thousands of gamers and many hundreds of beta testers that are experiencing Legends of Bezogia going into final release this year. This has established a strong demand for the $MBLK token already before its launch and release. Utility is what grows value for all stakeholders and our investors see that.” said CEO, Steve Murray, talking to industry leaders recently on the panel at AIBC conference in Dubai.This milestone marks a major step forward for $MBLK, as it prepares for its highly anticipated initial DEX offering (IDO) in April of this year. With a unique blend of blockchain technology and cutting-edge gaming mechanics, $MBLK is exactly what the industry has needed to seamlessly bridge the gaming and blockchain industry. Designed and coded from scratch by the ZOGI team, $MBLK establishes a new standard in sustainability mechanics and logics of an open-world metaverse environment. Learn more about this in ZOGI Labs' whitepaper.The overwhelming demand for $MBLK is a testament to the innovative nature of the project and the full-stack team of more than 45 talented individuals who are fully committed to delivering this immersive and entertaining decentralized gaming experience. With the private sale now closed, ZOGI Labs is turning its attention to the upcoming IDO, where it plans to offer whitelisted investors a chance to buy early and gain access to the exciting world of Legends of Bezogia.It's clear that the gaming and blockchain communities recognize the enormous potential of $MBLK and, after 2 rigorous years of development, are excited to see Legends of Bezogia coming to every major gaming platform and operating system in 2023.To stay informed about the IDO and Legends of Bezogia, sign up here and join our growing community today!About ZOGI LabsZOGI Labs is a multidivisional blockchain company and gaming studio established in May 2021, and the team behind the revolutionary MMORPG Legends of Bezogia. At ZOGI Labs, our mission is to seamlessly blend blockchain technology and cutting-edge gaming mechanics to create a truly immersive digital realm - a place where gamers can escape into stunning otherworldly landscapes, live vicariously through their Bezogi avatars, and have a block-buster of a time in the lands of Bezogia.ZOGI Labs is raising the bar for crypto-based games with breathtaking graphics, a rich storyline, quirky characters, and a level of fun that will keep you chained to your screen.ZOGI Labs is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.ContactCEOSteve MurrayZogi [email protected]
2 days ago • coindesk
Animoca Brands Co-Founder: Royalties Make It Possible for NFT Projects to Flourish
The computer gaming firm supports royalties and by removing them, it would only “send the industry backwards, co-founder Yat Siu, said.
2 days ago • coindesk
Animoca Brands Co-Founder: Royalties Make It Possible for NFT Projects to Flourish
The computer gaming firm supports royalties and by removing them, it would only “send the industry backwards, co-founder Yat Siu, said.
2 days ago • cryptodaily
Senator Warren neither understands the banking system nor crypto
Senator Warren is a woman looking for justice, and a fighter for the people. However, she is woefully deficient in her understanding of the banking system, and worse on crypto.
A fighter for the people
A champion of the people and equality, Senator Elizabeth Warren is a fiery and dogged supporter of causes that she believes will make things easier for the common person.
So how can she be so wrong about the monetary system and the wildly innovative world of crypto?
It must be acknowledged that Senator Warren really means well. To be fair, she does take various facets of the banking system to task, and is incredibly vociferous in condemning any nefarious practices that she is able to unearth.
On Monday she wrote a guest essay for the New York Times in which she took Washington leaders to task for “weakening the financial rules”. She wrote that she had fought against the rolling back of parts of the Dodd-Frank act that had allowed the bigger banks to “load up on risk”. Before the vote to make changes to the act, she was right when she said:
“Washington is about to make it easier for the banks to run up risk, make it easier to put our constituents at risk, make it easier to put American families in danger, just so the C.E.O.s of these banks can get a new corporate jet and add another floor to their new corporate headquarters.”
Looking at crypto through the lens of the system
She is able to see the excesses of the bankers without any problem, and she is vehemently combative against them when it is required. However, of the banking system as a whole, she appears to be completely blind, obviously believing that it is a system worth protecting.
If she cannot see the fatal flaws in the banking system, or she cannot find the time to educate herself about them, then for her to understand crypto would be highly unlikely. If you are deeply inside the system, then you see everything else through the lens of that system.
She must be blissfully unaware of what crypto is trying to do, and what Bitcoin has already done. Just as in the case of ancients like Warren Buffet and his number 2 Charlie Munger, Liz Warren does not have the slightest clue about anything in the crypto sector.
Like these two, she probably thinks that it is a danger to the only world that she knows, but she doesn’t realise that the world she thinks she knows is as broken, unfair, and as inefficient as it can get.
Could Warren one day change her mind?
It is such a shame that Senator Warren is so certain of herself that she will make no effort to check her views on both systems. Will it take a ‘road to Damascus’ type moment for her to see the light and start supporting what is the only chance for the common man or woman?
It is to be hoped that a woman who has fought so hard for justice will get that chance at some point. All of us can only pray that when it arrives she will take it.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
2 days ago • cryptodaily
Sued Over FTX Promotions: The Case Of Finance YouTubers
A class action lawsuit is claiming that prominent finance Youtubers who promoted the FTX exchange on their channels should be held accountable.
Sued For Promoting “Unregistered Securities”
Several popular finance YouTubers have landed in legal hot water with a new class action lawsuit that seeks to hold them responsible for promoting the now-defunct crypto exchange FTX on their channels.
The statement filed by the plaintiff points out,
“Though FTX paid Defendants handsomely to push its brand and encourage their followers to invest, Defendants did not disclose the nature and scope of their sponsorships and/or endorsement deals, payments and compensation, nor conduct adequate (if any) due diligence.”
The lawsuit also claims that the named defendants conspired with FTX to mislead customers into believing that funds held on the platform were safe and not under investigation as unregistered securities. The matter of cryptocurrency being classified as “unregistered securities” have been highly controversial, with the SEC gunning for this classification. If they are successful, then all future promoters of any crypto product would require to disclose the amount they were paid for every promotion.
Gunning For Celebs And Influencers
The ones named in the class action lawsuit are Graham Stephan, Andrei Jikh, Jaspreet Singh, Kevin Paffrath, Ben Armstrong, Brian Jung, Jerremy Lefebvre, and Tom Nash. Some of these YouTubers have millions of subscribers on their channels, and their videos on FTX have garnered hundreds of thousands of views. Furthermore, the talent management company handling the promotion of FTX, i.e., Creators Agency LLC and its founder Erika Kullberg have also been named in the lawsuit.
The plaintiff Edwin Garrison is a private investor who has filed multiple lawsuits against individuals and public figures connected to FTX, like Tom Brady, Stephen Curry, Shaquille O’Neal, Larry David, Kevin O’Leary, and other celebrities who had promoted FTX. He has also filed a lawsuit against former FTX CEO Sam Bankman-Fried.
Government Bodies Taking Strict Action
Bankman-Fried already has several other lawsuits filed against him, including multiple fraud charges from government bodies like the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The Federal Trade Commission (FTC) clearly states that social media influencers must clearly disclose paid promotions on their videos or posts. Certain influencers and celebrities have even gotten into trouble for not disclosing this aspect of the product they have been paid to promote. For example, Kim Kardashian was charged by the FTC for not disclosing that she was paid to promote EthereumMax’s EMAX token. It cost her $1.26 million in fines for the product promotion, which only brought in $250,000 for her.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
2 days ago • cryptopotato
Crypto Price Analysis Mar-17: ETH, XRP, ADA, BNB, DOT
This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Polkadot. Ethereum (ETH) This week, the market sentiment completely shifted, with bulls taking full control of the price action. ETH rallied by 21%, making it the best performer on our list. This spectacular rally allowed it to break above the key […]
2 days ago • cryptodaily
SingularityNET ($AGIX) Launches $RJV Utility Token, Surges 150%
In an environment where the majority of the cryptocurrency market is grappling with the ongoing crypto winter and challenges within the banking sector, Rejuve.AI ($RJV), an artificial intelligence token with connections to Cardano, has experienced remarkable traction, all while of course, also experiencing some degree of volatility.
At the time of writing, the token's price has skyrocketed by roughly 153% within the past 24 hours, reaching a new all-time high (ATH) of $0.1132, according to data from CoinMarketCap.
The token's recent surge can be traced back to its successful Token Generation Event (TGE), which followed a series of community funding round events. The token's design is linked to both Ethereum (ETH) and Cardano (ADA), leveraging the capabilities of two leading proof-of-stake (PoS) Layer 1 protocols. Rejuve itself was launched by SingularityNET ($AGIX) as a utility token, with the prospect of accelerating the extension of human health and lifespans. SingularityNET's thrust, in terms of the social impact it aims to achieve, is quite straightforward: to enable individuals to easily "create, share, and monetize" AI services through a globally accessible AI marketplace.
The current enthusiasm surrounding the Rejuve.AI protocol and token can be attributed to the crypto market's broader excitement in terms of artificial intelligence ecosystems and projects. With the introduction of OpenAI's ChatGPT and GPT-4 algorithmic models, numerous crypto projects are pivoting towards AI, devising solutions and applications to advance the frontiers of both AI and blockchain technology.
The convergence of AI and blockchain technology has garnered support from numerous proponents, and it is this intersection that Rejuve.AI is currently exploring. However, while the integration of artificial intelligence (AI) within the Web3 ecosystem offers numerous benefits that have the potential to revolutionize the way we interact with decentralized networks and applications, there are several factors that we (humans, yes, all too human humans) need to stay wary of.
The unethical use of artificial intelligence, especially in the context of Web3 and blockchain development, may lead to unintended consequences and threats. This may also be countered given how recent deployments of OpenAI's GPT-4 model were used to debug smart contract code, opening the possibility of outsourcing or automating code audits to large language models which contain vast libraries and databases of smart contract code, even those which may be too obscure or may be reserved only for those who have been developing smart contracts since its heydays sometime between 2013 and 2014, which was when Ethereum and other derivatives first sprang.
In this instance, AI-driven applications may be exploited for malicious purposes, such as manipulating markets, facilitating illegal activities, or creating fraudulent dApps. Moreover, the mass use of AI can amplify existing biases and inequalities, as algorithms may inadvertently reinforce discriminatory patterns present in training data.
Another potentially incriminating quandary with the use of AI for Web3 and blockchain development is this: the centralization of AI development and resources can potentially undermine the decentralized nature of Web3, resulting in power imbalances and compromised security. Consequently, it is crucial to approach AI integration in Web3 with caution, ensuring ethical and responsible use to prevent negative outcomes.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Opinions stated herein are solely of the author's, and hence do not represent or reflect CryptoDaily's position on the matter. The author has no stakes in any of the digital assets and securities mentioned, and does not have any significant hold of own any cryptocurrency or token discussed.
2 days ago • coindesk
Silicon Valley Bank's Parent Company Files for Bankruptcy
The company said Friday it had filed for court-supervised reorganization in the United States Bankruptcy Court for the Southern District of New York to preserve value.
2 days ago • cryptopotato
OKX Witnesses Temporary Outage, Second in 3 Months
The company assured that user funds are safe.
2 days ago • coindesk
Former Belgian Finance Minister Calls for Crypto Ban in Wake of Banking Crisis
Johan van Overtveldt, economic spokesperson for the right-wing ECR political party in the European Parliament, compared crypto to drugs.
About Compound?
The live price of Compound (COMP) today is 45.7505 USD, and with the current circulating supply of Compound at 7,267,152 COMP, its market capitalization stands at 332,475,776 USD. In the last 24 hours COMP price has moved 1.0419 USD or 0.02% while 11,222,344 USD worth of COMP has been traded on various exchanges. The current valuation of COMP puts it at #120 in cryptocurrency rankings based on market capitalization.
Learn more about the Compound blockchain network and how it works or follow the price of its native cryptocurrency COMP and the broader market with our unique COIN360 cryptocurrency heatmap.
Founded in 2017, Compound is an Ethereum-based DeFi lending protocol that allows users to easily borrow or lend crypto assets in a trustless, decentralized environment. The protocol was developed by Compound Labs Inc., a software development firm led by San Francisco-based Robert Leshner and Geoffrey Hayes. As of Q2 2022, Compound ranked among the top 10 largest DeFi protocols, with a TVL (Total Value Locked) of around $3 billion.
Compound protocol was created with the aim of putting people’s idle crypto assets to use. It does that by providing them an open lending platform that can be used by anyone to deposit Ethereum-based tokens to earn interest or take a secured loan in a completely trustless manner.
COMP, the native token of the Compound protocol, is based on Ethereum’s ERC-20 standard and is used for decentralized governance of the platform. COMP holders are allowed to propose, debate and implement changes to the Compound protocol, without any intervention from the Compound team. The entire process happens on-chain, in a completely transparent manner. Each COMP token equals 1 vote. One can even delegate his/her voting right to someone else. While all COMP holders can debate and vote on protocol modifications, only the ones with at least 100,000 tokens can float proposals to make such changes.
COMP price
The COMP price rapidly surged past $300 within a week after its June 16, 2020 launch, and reached $336 on June 22. However, it soon ebbed and stayed mostly within the range of $150 - $250 until late September 2020, when it began its downward descent, bottoming out at $80 on Nov. 3, 2020.
COMP coin’s next noteworthy surge came in January 2021, amid a market-wide crypto boom, when it rallied onto breach the $500 resistance for the first time, and registered $573 per token valuation on Feb. 12, 2021. Buoyed up further by market forces, COMP coin registered its all-time high of $911 on May 12, 2021. COMP’s fully diluted valuation crossed $9 billion on that occasion.
As per our COMP live price chart, COMP USD price kept fluctuating between $300 to $500 thereon, until December 2021, when pulled down by bearish forces, it started gradually declining, and plummeted to its all-time low of $26 on June 18, 2022.
How COMP works
Anyone can sign up with Compound and use the protocol without providing any personal information. All you require is an Ethereum compatible wallet like MetaMask and you’re good to go.
Lenders can deposit their crypto assets into Compound pools, in return for ERC-20-based ‘cTokens’, which represent their stake in the corresponding pool. For instance, you can deposit ETH into a pool, and obtain cETH in return. These cTokens can be redeemed any time for the underlying crypto asset. Over time, with the increasing exchange rate of these cTokens, the lenders can convert them into a higher amount of the corresponding underlying asset. Hence, earning interest through Compound becomes as easy as just holding a cToken.
When it comes to the borrowers, they can deposit collateral and avail a secured loan from any of the Compound pools. The Loan-to-Value (LTV) ratio and interest rate paid varies from asset to asset.
Compound distinguished itself from the other DeFi protocols by pioneering the concept of ‘Liquidity Mining’ in the crypto world. While it is common for everyone to look for the best opportunities to earn interest on their crypto deposits, also referred to as ‘Yield Farming’, Compound introduced ‘Liquidity Mining’, as per which the users could earn COMP governance tokens by simply engaging with the protocol. COMP token was launched in June 2020, with a maximum fixed supply of 10 million.
COMP news, updates and highlights
In important COMP news, the Compound protocol, riding high on the yield farming and liquidity mining craze, crossed $1 billion in crypto loans issued, for the first time, in July 2020. This came less than a month after the launch of the COMP token.
More recently in May 2022, Compound’s enterprise arm ‘Compound Treasury’ received a fairly mixed credit rating from the S&P Global. Rated B- by S&P Global, it meant that the USDC-based yield platform was deemed as ‘speculative’, but capable of meeting its current financial commitments. However, most importantly, it was the first time that an ‘Institutional DeFi’ product earned a score from any of the major credit rating agencies.
Frequently asked questions about COMP
Is it possible to mine or stake COMP?
No, you cannot mine COMP tokens. However, it’s possible to organically earn them by engaging with the Compound platform.
Which are some of the best COMP wallets?
You can store your COMP tokens in any ERC-20 compatible wallet. Some of the best COMP wallets are MetaMask, Ledger, Trezor and MyEtherWallet.
What can you do with COMP cryptocurrency?
You can use your COMP tokens to participate in Compound protocol’s governance. They can also be traded against other crypto assets on established crypto exchanges.
How can you buy COMP?
You can buy COMP from any of the well-known crypto exchanges using trading pairs like COMP/USDT, COMP/BTC, COMP/ETH and so on. It can even be purchased with fiat currency on some of the platforms.
| Compound Price | 45.7505 USD |
| Market Rank | #120 |
| Market Cap | 332,475,776 USD |
| 24h Volume | 15,086,765 USD |
| Circulating Supply | 7,267,152 COMP |
| Max Supply | 10,000,000 COMP |
| Yesterday's Market Cap | 332,873,565.52 USD |
| Yesterday's Open / Close | 44.7633 USD / 45.8052 USD |
| Yesterday's High / Low | 46.9943 USD / 44.691 USD |
| Yesterday's Change | 0.02% ( 1.0419 USD ) |
| Yesterday's Volume | 11,222,344.22 USD |
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