DeFi is Revolutionary & We’ve Only Seen the tip of the Iceberg – Weiss

June 26, 2020 Editor Altcoin 0

In summary:

  • The Compound (COMP) token has been listed on Coinbase and Binance in quick succession. 
  • The popularity and rise of the COMP token and Compound Finance have turned the spotlight to the DeFi industry. 
  • As a result, Poloniex has listed more DeFi tokens. 
  • Weiss Ratings believes DeFi is revolutionary and that we’ve only seen the tip of the iceberg. 

The Compound Finance project and the COMP token have shaken the crypto-verse in the past week or so due to the rapid rise of both the project and token. A quick glance at DeFiPulse, reveals that Compound Finance leads the ranks in terms of funds locked. At the time of writing this, $625.4 Million in crypto is locked in the DeFi platform and this amount has increased by 9.52% in the last 24 hours.

Binance and KuCoin Lists COMP

With the quick rise of Compound Finance and the popularity of the COMP token, exchanges such as Coinbase, Binance and KuCoin have seen a need to list the token due to demand. Trading of COMP on Binance went live yesterday, June 25th and trading on KuCoin will commence today, June 26th at 6 pm, UTC + 8.

DeFi is Revolutionary & We’ve Only Seen the tip of the Iceberg

The rapid rise of Compound Finance and the COMP token has drawn the attention of the team at Weiss Ratings who believe that DeFi is revolutionary and could represent the next ‘bubble’ in crypto in a manner similar to how ICOs boomed in 2017/2018. The team at Weiss made this comments via a Tweet

that stated the following.

We can’t have nice things in #crypto without them turning into a bubble. #ICOs were fantastic – they turned into a bubble. #DeFi is revolutionary and we’ve only seen the tip of the iceberg. As long as the bubble attracts more people into the space, it’s a good thing.

Poloniex Lists More DeFi Tokens

The excitement surrounding DeFi has also caught the attention of Poloniex who almost immediately listed more tokens related to decentralized finance. On the 24th of June, Poloniex issued a statement announcing the listing of four additional DeFi tokens on its platform.

DeFi tokens have been getting a lot of attention lately and we’re excited to continue our support by adding four more today! Aave (LEND), Balancer (BAL), Loopring (LRC), and Ren (REN) are the four newest DeFi tokens available on Poloniex.

Conclusion

The meteoritic rise of Compound Finance and the COMP token has seen many exchanges rush to list the digital asset to meet the demand of traders and investors. This rise has led to a shift in focus to the DeFi industry in a manner similar to the ICO boom of 2017 and 2018. This rapid shift to DeFi has led to the team at Weiss Ratings stating that DeFi is revolutionary and that we’ve just seen the tip of the iceberg. However, they also cautioned that the rush to invest and use DeFi could lead to a bubble similar to the aforementioned ICO boom.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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