One of the biggest crypto exchange, Kraken, has began trading the ethereum based defi token Comp in dollars, euros, bitcoin and eth.
That’s while Compound now holds $1.7 billion in assets under management according to the dapp itself.
Making this the most valuable smart contract of them all and by far, with the second one being wrapped eth, which tokenizes the crypto and holds 2.6 million eth, worth about $600 million.
Assets under management. as in traditional finance, is basically how much money others have given to the company or dapp.
Then there is how much of it is being used which of course is different depending on the demand for borrowing.
A stats page, Defiplus, calls that amount used as ‘locked,’ but it is not very clear how well this site is being maintained as Compound itself says nearly $1 billion is currently being borrowed, hence locked, while Defiplus says it’s $700 million.
Then there’s market cap, how much Compound is valued by the trading market, with it currently at half a billion but that’s for circulating supply. For total supply it’s at $1.6 billion.
All very big numbers for a two year old dapp, and in this case a dapp that doesn’t have any fail safe mechanism as they removed it when they went DAO.
So if there is any bug here, then everybody is very rekt, which is why we hope very much that any haxor this time responsibly reveals it as ethereum may well fork again and Europol seems to like this space now.
The dapp has been battle tested for two years however with a lot of money in it during that time, so hopefully it should all be fine.
Kraken has also began listing Kava, which is kind of DAI, but with BNB, as well as Kyber’s KNC, with this exchange seemingly being slower than even Coinbase in regards to the latter.
They’ve also began listing StorJ which is kind of like IPFS in facilitating distributed storage with a market cap of $32 million.
All of it indicating cryptos are moving again, but when bitcoin and eth will decide to do so after weeks of sideways, remains to be seen.