The amount of DAI deposited on Compound skyrocketed by more than $140 million on Thursday – somehow exceeding the total amount of DAI in existence.
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Compound (COMP) is an Ethereum token that enables community governance of the Compound protocol. The protocol is a series of decentralized interest rate markets that allow users to supply and borrow Ethereum tokens at variable interest rates. COMP token holders and their delegates can also debate, propose, and vote on changes to the protocol.
Following a Tuesday governance vote, daily COMP token distributions will change dramatically, starting Thursday.
Decentralized options marketplace Opyn has launched put options on COMP that will provide a safety net of sorts should COMP’s fortunes take a turn for the worse.
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