Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B
On Jan. 30 Uniswap (UNI) and Compound (COMP) both rallied to new all-time highs as the entire DeFi sector continued to heat up. UNI soared to a new all-time high at $19.93 and COMP price did the same as it briefly traded at $340.
In the past 30 days the entire decentralized finance sector has been in a strong uptrend and data from DeFi Pulse shows the total value locked has soared from $16.43 billion on Jan. 2 to a new all-time high at $27.67 billion on Jan. 30.
Total value locked in DeFi. Source: Defi Pulse
The surge in COMP price follows the recent release of a new governance module and upgrade to the comp.vote interface which now allows community members to save on gas fees by voting by signature instead of on-chain transactions.
This week’s controversy surrounding investment brokerages halting the markets for GameStop and AMC stock has presented DeFi and crypto exchanges as a possible alternative to the centralized traditional finance sector.
In a tweet, Compound founder, Robert Leshner said the recent developments showed that “the long-term answer” to the time it takes for trades to settle with the Depository Trust & Clearing Corporation (DTCC), “is for markets to run on blockchains.”
Leshner said:
“Instant settlement would eliminate most of the complexity, cost, and capital requirements which plague T+2 settlement. Robinhood wouldn't have credit obligations, or the need to turn against their own customers.”
Uniswap’s grants program was unveiled on Jan. 20 as a way to help expand the exchange’s ecosystem.
Developers interested in participating now have a chance to submit a proposal and receive funding for the development of a project that adds value to the overall platform. According to Uniswap’s Twitter feed, there were “40 grant submissions to @uniswapgrants in the 14 days since applications opened up.”