During the Summer of 2020, in the heart of the COVID-19 pandemic, Compound launched it’s $COMP governance token to to users of the protocol. The more you borrow/lend using Compound, the more $COMP you earn. This lead to massive growth in $COMP token price and sparked a trend in liquidity mining.
$COMP’s boom brought a much needed energy to the DeFi space causing other DeFi tokens to boom and projects like AAVE, Balancer and Rarible to quickly follow suite with their own tokens using similar issuance models.
DeFi Summer also lead to the rise of odd meme coins taking off like $YAM, $PASTA, $SUSHI, $PIZZA, $HOTDOG, $KIMCHI.
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