The decentralized finance (DeFi) ecosystem is going through historic days. As reported by Cointelegraph, the total market value of the DeFi sector, which reached close to $ 27 billion in locked assets as of February 2021, has exceeded $ 50 billion.
Uniswap (UNI) and Compound (COMP), the two leading names of DeFi protocols, have achieved all-time highs, while the industry has generally entered an upward trend.
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On January 31, the price of the UNI token saw the level of $ 20.5612, while as of February 1, the price of COMP approached $ 380.
Compound (COMP) broken gone
Daily candlestick chart (Binance) for the COMP / USDT pair. Source: TradingView
The strong rise of the decentralized finance sector over the past month has directly reflected on the Compound protocol’s local token COMP price.
A new version governance module was developed in the protocol. Community members will now pay less Gas fees by voting by signing instead of on-chain transactions. For this, the comp.vote interface has been opened.
Traded at the lowest $ 165 on January 22, COMP reached its peak with $ 377 as of February 1. In about 10 days the price of COMP increased by 128 percent.
Grant program blows Uniswap price
Daily candlestick chart for UNI / USDT pair (Binance). Source: TradingView
The grant program announced on January 20 to improve the Uniswap exchange ecosystem positively affected the price. Thanks to the program, developers have the chance to receive funding for their projects that add value to the platform.
Since the announcement of the grant program, the UNI price has increased its value from about $ 7 to a peak of $ 20,5612 as of January 31. The price increase was calculated as approximately 192 percent.
At the time of publication, the UNI / USDT parity was 17.7208, while the COMP token was finding buyers at $ 355.03.
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