Boom at Compound (COMP): Price rises by almost 100% after listing on Upbit

Boom at Compound (COMP): Price rises by almost 100% after listing on Upbit

The price of Compound (COMP) after the listing announcement on Upbit: A look at the current developments

The price of Compound (COMP) has surged after Upbit, South Korea's largest exchange, announced the listing of the token. The price hit an intraday high of $66.28 and briefly rose nearly 100% before a slight correction.

Start trading on Upbit

Upbit has announced that it is adding COMP/KRW, COMP/BTC and COMP/USDT trading pairs to its spot market. This decision increased the Compound token's trading volume by 866.88% to $243.19 million in 24 hours, while derivatives trading volume even increased by an impressive 3235.99% to $597.55 million. Additionally, Coinglass reports a 362.99% increase in open interest in COMP token derivatives to $84.79 million.

To ensure stability during initial trading activities, Upbit described trading restrictions such as a five-minute limit on buy orders and a one-hour limit on non-limit orders. This cautious approach has boosted traders' confidence and contributed to positive market sentiment.

Compound as a central player in the DeFi space

Compound (COMP) is a leader in DeFi lending, allowing users to lend and borrow crypto assets without intermediaries. The Ethereum-based protocol has a total value of over $2.16 billion locked on platforms such as Arbitrum and Polygon. At the same time, lenders can earn interest while borrowers can access funds anonymously.

The COMP token, used for governance and rewards, has increased its market cap to $452.88 million, an increase of 30.38%. This underlines the growing importance of Compound, especially in the context of the Upbit listing.

Partnerships and strategic alliances

In addition to the listing on Upbit, Compound receives additional support through strategic partnerships. Recently, Ronin Network announced a $13 million growth program launched in collaboration with Alpha Growth. Additionally, an alliance with Compound will unlock more than $1 million in rewards as part of Ronin’s DeFi growth program. This allows users to lend assets such as wETH and USDC while increasing their lending capacity, further cementing Compound's role in the DeFi lending business.

Compound's price increase therefore reflects not only the Upbit listing, but also the broader ecosystem expansion through various partnerships. With trading volume and market capitalization increasing, the COMP token shows that confidence in its DeFi lending model is returning.

Conclusion

Whether this positive dynamic will continue remains to be seen, as it depends heavily on future market developments. However, at the moment, the COMP token is showing remarkable performance and standing out as a significant player in the decentralized financial services space.