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Across the broader cryptocurrency market, Compound (COMP) token takes the lead in terms of gaining most value in the last week. Though the decentralized finance (defi) market has nothing to give COMP token price any push, the reason is said primarily to be internal.
The popular reason behind the surge in Compound defi protocol’s native token is the founder’s newly announced project. Founder Robert Leshner notified on June 28 of a company dubbed Superstate. The company aims for creating regulated financial products and intends to fill the existing gap between traditional financial markets and defi.
Today, I'm excited to announce the founding of a new company, @superstatefunds
— Robert Leshner (@rleshner) June 28, 2023
Superstate's mission is to create regulated financial products that bridge traditional markets & blockchain ecosystems.
Superstate would be tackling the challenge in integration of decentralized finance with traditional finance. The former had grown significantly in the last several years, it’s still way behind the latter in terms of users, size and volume.
The company is broadly focusing on making the two crucial financial markets to meet at some point. This way more institutional investors would be able to enter the defi space. And it will be pumping up more liquidity in the emerging financial market and bring stability in the contingency.
Though there is no direct connection between Compound (COMP) token and Superstate other than Rober Leshner, the token surged amid the speculation. Many started believing that the new protocol could leverage COMP token since it has no native token, at least it’s not announced yet.
Majorly the sentiment is said to work for pushing Compound price upwards. Currently COMP token is trading at $63.47 after rising more than 70% in the last seven days. The recent run started around June 10 when it was at as low as $25.99. The price started skyrocketing from $30 on June 25 and attained the current price.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
