Tuesday, December 6, 2022

THOR And COMP Lead The DEFI Recovery After Surging By Double Digits

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THOR and COMP lead the DEFI recovery after surging by double digits while the market has been in a week-long slump so let’s take a closer look at our latest altcoin news today.

Some decentralized assets are defying the market slump with some double-digit gains like THOR And COMP. Throchain is p by 17% in the past day while Compound is up by 16% in the past 24hours. Synthetix Network is a decentralized synthetic asset issuance protocol and surged by 12% in the past day as well. The price moves came amid a much more lethargic market for the industry’s biggest hitters.

For exampel, BTC and ETH are the two biggest cryptos by market cap and posted only 2% and 1% in the last 24 hours while over the past week, both cryptocurrencies dropped by 5% and 4% respectively. Earlier this week, Compound was one of the biggest cryptos listed by Robinhood which is a popular stock and trading platform including Shiba Inu. A day ago, the THORchain team announced a new user interface ThorSWAP V2 whcih went live at the open beta stage. The tweet read:

“Our fresh new user interface delivers the elegant, user-friendly cross-chain trading and LP experience you’ve been waiting for.”

Also yesterday, ThorChain celebrated its birthday with the DEFI asset now being one year old. The SNX token also can be attributed to the protocol listing Solana, AVAX, and UNI among others for futures trading.

Also as recently reported, According to the latest research, one of the biggest Defi protocols of the industry is facing an incentive crisis because the Ethereum researcher Alex Kroeger found that most of the Compound liquidity miners have almost no economic interest in the protocol and do not take part in the protocol’s governance. The report analyzed the top 100 accounts by accrued COMP from the liquidity mining in order to demonstrate the liquidity mining on Compound that needs serious fixing.

The Compound analysis and Kroeger also analyzed the top 100 accounts by accrued COMP from the mining and found that they accrued a total of 808,925 COMP tokens which is equivalent to $270 million which represents 69% of the COMP mined and they are the majority of the token holders. When it comes to taking part in the protocol’s governance, the numbers paint a bleak picture as out of the 100 addresses, one ever voted on a proposal.

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