How sustainable is COMP's +94% week?
While many DeFi ‘blue chips’ continue to range, Compound’s native token (COMP) is up +94% in the last week, soaring in a slippery market and well on its way to retest the $500 resistance at the time of writing:
The clear catalyst for the rally is last week’s announcement of Compound Treasury, designed as a way for non-crypto businesses and financial institutions to leverage the Compound protocol.
In cooperation with Fireblocks and Circle, the new product is meant to allow neobanks and fintech firms to convert their dollars USDC, and earn a “guaranteed, fixed interest rate of 4% per year”.
The hype machine welcomed the news with open arms, with some publications already declaring that Compound Treasury “could be one of the most significant developments in ‘institutional DeFi’ to
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