After a single day of trading, Compound’s COMP token has emerged as the largest decentralized finance (DeFi) token by market capitalization.
COMP overtook MakerDAO’s MKR token by market cap as it rallied by more than 60% over just a few hours. The token’s price has since pulled back around 20% from its local highs over $100. Compound’s market cap of nearly $740 million is 35% greater than Maker’s $547.1 million, according to market data aggregator DeFiMarketCap.io.