Compound Price(COMP)

Decentralized lending protocol Compound Finance passed a proposal to impose loan limits and introduce new borrow caps to lower risk on its platform.The community voted overwhelmingly in favor to introduce or lower the maximum borrow amount for ten cryptocurrencies, including wBTC, LINK and UNI.“Setting borrow caps helps avoid high-risk attack vectors while sacrificing little capital efficiency and allowing for a threshold of organic borrow demand,” the proposal read.The voting concluded on Monday and it is in queue for execution at press time.The passed proposal introduces borrow caps for five cryptocurrencies and sets stricter loan limits for another five. (Compound Finance)Compound’s action comes after an alleged exploit attempt on Aave – a rival lending platform – brought scrutiny to any potential vulnerabilities in decentralized finance (DeFi) protocols’ lending mechanism.The exploiter, who appeared to be infamous DeFi trader Avi Eisenberg, borrowed large sums of illiquid CRV tokens on Aave in an attempt to create bad debt on the protocol. Aave froze borrowing in 17 crypto assets yesterday to mitigate risk from potential attacks before its network upgrade.Eisenberg became known for his self-described ““highly profitable trading strategy” exploiting a loophole on Solana-based DeFi hum Mango Markets, draining $114 million from the protocol last month.

Be[in]Crypto takes a look at the five cryptocurrencies that increased the most last week, more specifically, from Sept 9. to Sept 16. These cryptocurrencies are:Terra (LUNA): 43.78%Celsius (CEL): 32.34%Ravencoin (RVN): 18.40%Kyber Network Crystal (KNC): 4.65%Compound (COMP): 3.88%LUNALUNA was subject to a massive upward movement on Sept. 9, increasing by 310% the same day and reaching a high of $7.66. However, the upward movement could not be sustained and LUNA created a very long upper wick the same day.The price has been falling since and has nearly lost all of its gains from the aforementioned upward movement. A breakdown below the $2.20 area could take the price to new all-time lows.LUNA/USDT Chart By TradingView CELOn Aug. 6, CEL broke out from a descending resistance line that had been in place since Sept. It proceeded to reach a high of $4.63 before falling. Even though CEL bounced at the previous resistance line (green icon), it failed to break out from the $2.10 horizontal resistance area (red icon).Unless CEL manages to reclaim the $2.10 resistance area, the trend cannot be considered bullish.CEL/USD Chart By TradingView RVNRVN has been decreasing inside a long-term descending parallel channel since Aug. 2021. The downward movement has led to a low of $0.017 in June 2022. The price has been increasing since and managed to reclaim the middle of the channel on Aug 5. Afterward, RVN accelerated the rate of increase and reached a high of $0.077 on Sept. 14. This validated the resistance line of the channel (red icon) and initiated the current downward movement. Nevertheless, an eventual breakout from the channel is likely.RVN/USDT Chart By TradingView KNCKNC has been increasing inside an ascending parallel channel since July 11. Such channels usually contain corrective movements, meaning that an eventual breakdown from the channel would be likely. Additionally, the movement inside the channel has been extremely choppy, aligning with the possibility that it is corrective. KNC reached a high of $2.15 on Sept. 15. The high validated the resistance line of the channel and the 0.618 Fib retracement resistance level. Due to these reasons, an eventual breakdown from the channel seems likely.KNC/USD Chart By TradingView COMPCOMP had been increasing inside an ascending wedge since reaching a bottom on May 19. The upward movement led to a high of $71.50 on Aug. 10. However, the price has been falling since and broke down from the wedge five days later. While COMP did initiate a bounce, it was rejected by the 0.618 Fib retracement resistance level at $61.Due to this rejection, it is possible that the bounce was part of the B wave and COMP has now begun the C wave that will take it towards the $37.50 horizontal support area.COMP/USDT Chart By TradingView For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click hereThe post Terra, Celsius, Ravencoin, Kyber Network and Compound – Biggest Weekly Gainers appeared first on BeInCrypto.

The Compound Labs team announced via Twitter on Wednesday that Proposal 117 was executed, which updated the price feed that Compound v2 uses. The team explained that this price feed, while audited by three auditors, contained an error that is causing transactions for ETH suppliers and borrowers to revert.Hence, the Compound team said it temporarily froze the cETH market. A new proposal, 119, has been created to revert to the previous price feed; this will take seven days to go into effect, the team added. Compound is an algorithmic, autonomous interest-rate protocol on the Ethereum blockchain. Compound has grown to become one of the cornerstones of the DeFi industry. As of June 25th, 2020, Compound was the world’s largest DeFi protocol, with more than $500 million worth of cryptoassets being locked and over $900 million being supplied.COMP is down by more than 4% and is trading at $45.29 at press time.