- The Weiss Ratings have tweeted that the Decentralised Finance market will continue to grow as a part of the crypto market.
- They suggested that the DeFi’s growth and development will be pretty similar to that of the 2017’s ICO boom.
- Robert Leshner has publicly announced on Twitter that the total value of locked assets in Compound has hit the $1 billion mark.
The Weiss Crypto Ratings is the only financial agency that provides a plethora of grading of around 53,000 institutions. They rank on the basis of broad coverage, user independency, objectivity, principles and obviously security. Recently, the Weiss Ratings have tweeted that the Decentralised Finance (Defi) market will continue to grow as a part of the crypto market. The crazy pumps will end and cooler heads will continue to prevail. They suggested that the DeFi’s growth and development will be pretty similar to that of the 2017’s ICO boom.
#DeFi will likely grow as a part of the overall #crypto market and that will stay that way. The crazy pumps will stop and cooler heads will prevail. We saw this development with the growth and evolution of ICOs, and DeFi will follow suit.
— Weiss Crypto Ratings (@WeissCrypto) June 29, 2020
For instance, the Decentralised Finance protocol, Compound has entirely taken over the crypto market. Recently, the CEO of the firm, Robert Leshner has publicly announced on Twitter that the total value of locked assets in Compound has hit the $1 billion mark.
Compound’s Recent Release Of The ‘comp’ Token
Compound has recently launched a token solely for the Ethereum platform. The token is known as ‘COMP’ and enables its users to vote over the governance related issues and its decision on the Compound’s project. As of a few days ago, its value was approximately around $235.6. However, as soon as Coinbase Pro announced its availability on its platform its price increased rapidly.
Ethereum’s 90% Trade Volume Controlled By Defi Projects
There were many predictions saying that Compound as well as Synthetix, an Australian DeFi protocol are likely to overtake MarkerDAO as most dominant defi. However, recently, Compound has successfully surpassed Marker DAO to become the most dominant and successful DeFi project in the market. Almost 90% of Ethereum’s trading volume were because of DeFi projects such as Kyber unique, Compound and Uniswap.
Defi Is The Most Vibrant Sector Of Crypto Industry
As of 2020, Compound has been the most successful decentralised protocol and is still the hottest talk in the cryptocurrency markets. One of the main reasons behind DeFi market’s growing recognition and popularity is because it diminishes the need of any middlemen. It is normally the opposite in case of the conventional financial banks that we have. The main motive of DeFi is to help people who do not have a possible access to the traditional banking system. Some people may think that DeFi is just a tiny sector in the crypto industry. However, it is the one of the most vibrant areas that will continue to grow alongside the crypto industry.