COMP jumps 27% in a day while Compound's TVL stays below September

Compound’s governance token COMP jumped 27.3% in the 24 hours to 1 p.m. ET on Oct. 20, outperforming Bitcoin and Ether.

Lending protocol deposits have not yet followed suit, with total value locked remaining 8.7% below its September 21 reading.

Bitcoin rose 0.96% and Ether 2.05% over the 24 hours to October 20

COMP was trading at $27.38 at the end of that window, up from $21.51 the day before, according to CoinGecko prices. Bitcoin advanced 0.96% and Ether 2.05% during the same hours.

Over seven and 28 days respectively, the token also outperformed both, gaining 18.65% and 20.55%. Its one-day gain outpaced the two longer windows.

The move has not been tied to any governance vote, partnership or announcement. The rebound wiped out earlier losses.

According to DeFiLlama, COMP is trading at $26.65 (Market Cap $266.5 million). Volume over 24 hours reached $114.51 million, with about 39% of it trading on decentralized exchanges.

COMP is still trading far below its record high of $854.45.

Total value locked sat at $1.52 billion on October 20

DeFiLlama recorded Compound’s total value locked at $1.52 billion as of about 1:11 p.m. ET Oct. 20. TVL was up 1.5% from the night before, but was down 8.7% from where it was on Sept. 21.

The figure was slipping through most of October.

DeFiLlama data showed 441 active addresses and 1,373 transactions over the past 24 hours, with six new addresses.

Over 30 days, the protocol has yielded $2.64 million in fees. It has ~$660.51 million in active loans.

It has $7.91 million in on-chain treasury.

In early September, the Compound Foundation launched an Institutional Market for USDC borrowing on Compound v3, when TVL was hovering around $1.53 billion. The market is part of a $52 million institutional program.

ETH can be collateralized up to 87% loan-to-value. The market also accepts wstETH, WBTC and cbBTC.

The jump lands in a contested stretch for Compound governance. The COMP community voted this month on Proposal 612, which would have increased the treasury withdrawal delay from two days to ten, Cryptopolitan reported.

It would also have let Governor Timelock cancel treasury transactions before they’re executed, according to Proposal 612. It followed a September 29 move when the Treasury Management Committee moved around $3 million in stablecoins to a different wallet.

Of that, $2 million of USDC was placed in a one-sided Uniswap V3 COMP position.

Proposal 612 won the vote, 1.89 million to 1.04 million, but was canceled on October 7.

Earlier a delegate accused the Compound Foundation of turning 8.42 million DAI from DAO reserves into 344,780 COMP, Cryptopolitan reported. The delegate says the Foundation used the voting power to influence control of the treasury and a $52 million V4 program.

The Foundation had not responded to the claim at the time of the report.

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