Judge denies motion to dismiss in Compound DAO case update

A federal judge in California denied the motion to dismiss the case against Compound Labs and its associated entities, after allegations of violating financial regulations. This means owners of the COMP token can move ahead with their lawsuit.

Timeline of Compound

Cryptocurrency exchange Binance (CRYPTO: BNB) on Friday announced the approval of Shiba Inu (CRYPTO: SHIB), Compound (CRYPTO: COMP), and Theta (CRYPTO: THETA) as collateral assets. This move is part of Binance's ongoing efforts to expand its Flexible Loan and VIP Loan services.

Despite increased regulatory activity, DeFi index price, led by Compound [COMP] and MakerDAO [MKR], has rallied by 56% since 11 June, Glassnode found in a new report. Glassnode's DeFi price index tracks the performance of the top eight DeFi tokens by market capitalization.

The digital currency ecosystem is experiencing an emphatic bearish slump, with some of the most popular cryptocurrencies experiencing a major slip as they pare off their accrued gains for the week. However, Compound (COMP), the renowned decentralized finance (DeFi) lending platform, is seeing bullish momentum today after surging by 9.8% to $76.34.

COMP, THE native token of Compound Finance, has seen its market price rise significantly on Wednesday, emerging as the top gainer of the day. According to data from CoinMarketCap, COMP is up by 13.24% in the last 24 hours as the bulls increase their control of the market.

Compound's COMP token price drifted upward this week as the network's total value locked (TVL) in the ecosystem drifted upwards. The token rose to $70, the highest level since Monday. It was higher by more than 16% from the lowest level this week.

The compound price has been following a steep upswing since the beginning of the month and has surged over 120% to mark interim highs above $70. Presently, the bears are extracting some profits, so the prices are experiencing a minor pullback.

COMP, the native token of DeFi lending protocol Compound Finance, has drawn much attention following its positive price performance in the last day. According to data by CoinMarketCap, COMP has risen by 11.03% in the 24 hours, emerging as the top daily gainer of the market.

Compound, a DeFi heavyweight, has done well in the past few weeks even as the total value locked (TVL) in its ecosystem slipped. COMP was trading at $60 on Monday, sharply higher than last month's low of $23.65. DeFi volume falling Compound is one of the biggest Ethereum DeFi protocols in the world.

Robert Leshner, the well-known creator of the DeFi lending platform Compound Finance, has resigned from his position as the CEO of the DeFi lending protocol. Leshner recently announced his plan to launch Superstate Trust, a new business venture.

Compound (COMP), the governance token of the Compound protocol, has experienced a remarkable surge in value over the past week, positioning itself as one of the top gainers in the cryptocurrency market. The token's price has risen by an impressive 33% within a span of just seven days.