COMP And UNI Hit New Highs As DeFi TVL Reached $27.6 Billion

COMP and UNI hit new highs as the rest of the altcoins and Defi tokens pushed higher as well, bringing the total value locked of DeFi to $27.6 billion so let’s read more in our latest altcoin news.

Uniswap and Compound both rallied to a new all-time high as the entire DeFi industry continued rising. UNI soared to a new all-time high at $19.93 and COMP’s price followed while briefly trading at $340. Over the past 30 days, the entire Defi space was in a strong uptrend and the data from DeFi pulse shows that the total value locked hit $16.43 billion which is also a new all-time high of $27.67 billion.

The surge in COMP’s price follows the recent release from the governance module and the upgrade to the voting interface which allows the community members to save on gas fees by voting with a signature instead of the on-chain transactions. This week’s controversies surrounding the investment brokerages stopped the markets for GameStop and the AMC stock presented DeFi and crypto exchanges as a new alternative to the centralized traditional finance sector. In a tweet, Compound’s founder Robert Leshner said that the developments showed that the answer is for time to pass and traders to settle with the Depository Trust and Clearing Corporation:

 “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 a few days ago as a way to help expand the ecosystem of the exchange. The developers interested in participating now have a strong chance of submitting a proposal and receive funding for the development of the project that adds value to the overall platform. According to a tweeter feed “40 gragrant submissions to @uniswapgrants in the 14 days since applications opened up.”

Since the release of the new grants program, the price of UNI increased 160% to a current price of $18.51. Uniswap’s rising TVL and daily transaction volume and investors’ excitement over the v3 launch which are more factors that back UNI’s surge to a new all-time high. COMP and UNI are the ones that are rising higher along with the rest of the market.