Why COMP 5xed on Day 1 and What This Means for a DeFi Bull Market

Kain Warwick, founder of Synthetix, discusses the launch of the COMP token this week, including:

• why the price of COMP tokens popped
• how this now meant that the governance of the Compound protocol was now in the hands of the community
• whether liquidity mining in DeFi is similar to or different from transaction mining on centralized exchanges
• what the price jump in COMP on day 1 means for a future DeFi bull market
• why Kain believes he is already seeing Bitcoin flowing into alts and DeFi tokens
• what this means for VCs who invested in layer 1 projects

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Crypto.com: https://crypto.com

Nexo: https://nexo.io

DeversiFi: https://deversifi.com

Episode links: 

Kain Warwick: https://twitter.com/kaiynne

Synthetix: https://www.synthetix.io

Tweet storm on what he got wrong about COMP: https://twitter.com/kaiynne/status/1272875213319856129

Governance of Compound now in hands of the community: https://medium.com/compound-finance/compound-community-ownership-ee0ed1252cc3

Tushar Jain’s tweet: https://twitter.com/TusharJain_/status/1272696517258883072 

Why Kain thinks COMP popping on its first day is a harbinger of a DeFi bull market: https://twitter.com/kaiynne/status/1272723560260198402?s=20

DeFi Weekly: https://defiweekly.substack.com/p/comp-lessons-and-learnings-651

Deribit on how this can create network effects: https://insights.deribit.com/market-research/supercharging-network-effects-in-crypto/

Tweet storm on the BTC dominance cycle: https://twitter.com/kaiynne/status/1269792683616120833?s=20 

Tom Shaughnessy tweet on how there’s no more competition between layer 1s — it’s more about DeFi: https://twitter.com/Shaughnessy119/status/1272373784616542209

Similar thoughts by Spencer Noon: https://twitter.com/spencernoon/status/1273403731586023431?s=20

Links from news recap: