The exchange of the Winklevoss twins has been postponing the listing of DeFi tokens for a long time – many big players have already added these assets to their platforms. However, COMP’s listing on Gemini has been approved by NYDFS (the New York State Department of Financial Services), which no other company can boast.
The Winklevoss Brothers Exchange has received approvals from the New York regulating bodies for the listing of the Compound protocol management token.
Cryptoexchange Gemini has added the Compound (COMP) decentralized lending protocol control token, the Flexa Network (AMP) native token, and the PAX Gold (PAXG) gold-pegged stablecoin to the listing. Users can already make deposits in the specified assets, but trading in them will begin only tomorrow, September 15th.
Most notable is the listing of the COMP token, which became the first DeFi token on the platform. COMP is used to manage the decentralized Compound protocol. For the needs of the latter, assets worth more than $ 640 million are blocked in the Ethereum network.
The amount of funds blocked for the needs of Compound. Source: DeFi Pulse
Compound first introduced its governance token in February 2020. Its announcement was part of a plan to transfer control of the project to the community. COMP holders and their delegates can discuss, propose and vote on various changes to the protocol. The distribution of these tokens began in mid-June, at the same time they were listed on the Uniswap decentralized exchange.
The DeFi sector experienced rapid growth in June and August. So, for example, since the beginning of August, the volume of funds blocked for the needs of decentralized finance protocols has grown by 76% to $ 7 billion. Despite the fact that the dynamics have changed, and many tokens have lost up to 50% of their value in September, the excitement around DeFi does not subside.
The exchange emphasizes that the NYDFS is especially strict when it comes to regulating cryptocurrency, but the competent actions of the lawyers made the listing possible. Tyler Winklevoss tweeted that “the DeFi revolution is coming.” Perhaps we should expect other similar projects to appear on Gemini.