The plaintiffs seek to halt coin sales and argue that it is unregistered with the US Securities and Exchange Commission (SEC).
According to data from CoinMarketCap, COMP trades at $39.44, having fallen 96% from its all-time high of $911.20 in May 2021. At that point, the token had a total market capitalization of around $4 billion, but this has since fallen to around $2 billion.
Compound Protocol Remains One of the Most Prominent DeFi Services
Despite the legal action, the Compound protocol remains one of the most prominent decentralized finance (DeFi) protocols, with a Total Value Locked (TVL) of $1.78 billion, according to DefiLlama, the largest TVL aggregator. In August, the company introduced a new version of its protocol called Compound III, focusing on security, capital efficiency, and user experience while reducing complexity.
