Compound (COMP) is a prominent project in the DeFi space. It offers users the possibility to lend and borrow crypto assets, enabling them to generate passive income and access different investment opportunities. The COMP token is the governance token of the Compound protocol. Its holders have the right to vote on the future of the protocol and receive a share of its revenue. The COMP token is used to incentivize participation and ensure governance.
COMP, down 4.24% in the last 24 hours and at the time of writing, is among the day's decliners. A whale allegedly manipulated a vote by making COMP token purchases, and as a result of the vote, the team gained the authority to manage the tokens. Since the community thinks that this vote was manipulated and that the team cannot manage the tokens, the COMP price may have dropped.
