Lending protocol Compound token, COMP, currently trading at $352 after steady growth within three days from time COMP-ETH pair began trading on Uniswap.
What's the deal and how to get it?
Compound is an algorithmic money market protocol on Ethereum that lets users earn interest or borrow assets against collateral
COMP can be earned proportionate to the interest being accrued. For example, if you convert your USDT into cUSDT, each day you will get an interest based on the current market supply (can be found on the compound website, supply annual percentage yield (APY)).
The biggest member APY right now is for BAT: 25.45%; for USDT it's 0.1%.
Available markets: USDT, DAI, USDC, WBTC, BAT, ZRX, REP, ETH
But don't get caught long top, it has already grown by 140%.
Hit the "LIKE" button and follow to support, thank you.
Information is just for educational purposes, never financial advice. Always do your own research.
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As expected, it was a local top. Btw, negative funding on FTX is still quite high, so it may be worth to long COMP-PERP if you want an exposure.
@Bitduke Honestly i wonder if it goes deeper? It looks fomo exists here
Bitduke
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@Erkan_Ozak, yeah, it can definitely go deeper, but market is too bullish for that. If BTC will continue to rise => ETH will rise => see no reasons why COMPUSD won't (in the short term at least).
I think kinda risky to short it right now with bullish BTC and that market structure where it still prints higher lows (HL) on the chart.
Relatively safe to place asks at 380 - 370 level with a stop above 400 if you bearish biased