Binance And OKEx Latest Crypto Exchanges To List, COMP, Compound’s Governance Token

Compound (COMP) is setting an impressive rise since its launch a fortnight ago with the coin’s price, popularity, and total value locked have seen multiple times growth rates since then. Additionally, several crypto exchanges have rushed to list the token after its impressive performance. After additions to Coinbase Pro, Coinbase, and FTX derivatives exchange, COMP is now set to start trading on OKEx and Binance.

OKEx launches COMP spot trading

Big exchanges are jumping on to listing Compound’s governance token in what can only be described as a FOMO move listing a two-week-old token. OKEx becomes the latest exchange to launch trading pairs of the coin, including the Tether (USDT) and Bitcoin (BTC) pairs.

Users can buy, sell, deposit, and withdraw COMP from the exchange as of Monday, Jun 29, the announcement reads. Trading opened at 9 AM UTC, and as at the time of writing, only 228 COMP has been traded on both pairs on the exchange.

COMP currently trades at an average of $235 across major exchanges representing a 4.31% drop in the past 24 hours. The daily trading volumes remain high at $11 million across 31 listed pairs on over ten exchanges – COMP reached an all-time high daily trading volume of $31 million on Friday.

Safe or not? Binance launches futures trading

In a similar breath, Binance launched futures trading of the COMP token offering USDT settled contracts starting Tuesday, June 30. The statement reads,

“Binance Futures will launch COMP/USDT perpetual contract, with the trading opening on 2020/06/30 09:00 AM (UTC). Users will be able to select between 1-50x leverage.”

However, a section of crypto traders has come forward criticizing the exchange for its high leverage positions on a relatively new token in the market. It is a question of making a profit vs. a safe environment for traders.

Binance, which has been at the forefront in speaking on the need to protect users, faces a dilemma as the volatility of an unproven token may cause a similar flash crash to Matic Network’s in December 2019 and with it liquidate users’ funds.

Rise to the top

Compound is a platform that allows users to earn interest by lending and borrowing digital assets. Launched in 2019, the company ascend to the top of the DeFi industry comes as a shock to many. Compound is currently the largest DeFi platform overtaking Maker (MKR) in total asset value locked (TVL), according to Defipulse.com.

Compound dominates the industry with $626 million in digital assets locked on the platform, representing 38.2% of the total value in decentralized finance.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,470FansLike
2,795FollowersFollow
4,195FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Adoption Explosion in Africa, Led by Nigeria, Kenya, and South Africa

Bitcoin continues to gain traction in Africa, with Kenya being the most bitcoin maximalist country, with 94.7% dominance. The top 10 list also contains...

DeFi App Growth Boosts Total Transactions On DApp Blockchains By $4.5B In Q2 2020: DAppRadar Report

In a report by DApp Radar, the total transactional volume on DApps touched the $12 billion mark in Q2 2020, representing a $4.5 billion...

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today