COMP (Compound) rose 2.53% in the last 24 hours

Gate News Bot news, on October 30, according to CoinMarketCap, as of the time of writing, COMP (Compound) is currently priced at $36.99, having risen 2.53% in the last 24 hours, with a high of $39.07 and a low of $35.82. The 24-hour volume reached $24.5 million. The current market capitalization is approximately $357 million, an increase of $8.78 million compared to yesterday.

Compound Labs is a technology company focused on building the financial infrastructure of the future. The company developed the first algorithmic money market in the decentralized finance space and pioneered an open-source protocol governance system. Compound operates cross-chain, conceptualizing the Gateway project on Layer 1 blockchain, and launched products such as Compound Treasury aimed at institutions. The company has received support from top investment firms including a16z, Paradigm, a certain CEX Ventures, Bain Capital, Polychain Capital, and Dragonfly Capital.

Important news about COMP recently:

1️⃣ Governance attack risk alleviated, COMP price rebounds On July 30, a large token holder withdrew their so-called governance attack proposal against the Compound protocol, alleviating community concerns. This move is seen as a positive signal for the healthy development of the Compound ecosystem, leading to a rise in the price of COMP token.

2️⃣ The DeFi market is recovering, and the demand for Compound lending is increasing With the overall sentiment in the cryptocurrency market improving, the DeFi sector is also showing signs of recovery. As a leading decentralized lending platform, the lending demand on the Compound protocol has increased, which may drive the usage and value of the COMP token.

3️⃣ Institutional investor interest increases Compound Treasury and other institutional products continue to attract the attention of traditional financial institutions. The rising interest of institutional investors in the DeFi space may bring more long-term holding demand and value support for the COMP token.

From a technical perspective, COMP has broken through the recent range of consolidation, but it still needs to surpass higher resistance levels to confirm an upward trend. On the fundamental side, as one of the leading DeFi projects, the stability and innovation of the Compound protocol remain key factors supporting the token's value.

This message is not intended as investment advice; investors should be aware of market volatility risks.