The crypto market is going towards a rough phase for some altcoins. Compound has seen a significant decrease in its trading volume, leading many to be bearish on its future price performance.
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Compound (COMP) Suffers in Trading Volume
Compound introduced Encumber on July 6, 2023. This new mechanism of Compound is aimed at improving the concept of token allowances. Users are allowed to retain custody of their tokens while granting another address the exclusive right to transfer those tokens. This can become convenient for lending protocols as it removes the need for pooled collateral entirely.
However, Compound’s trading volume has suffered. In the last 24 hours, the volume decreased by 48.36% and is now at a total of $43,765,738.
When we look at its value, Compoun
