Compound (COMP)
OG DeFi lender with real protocol revenue but P/S ~112x makes valuation deeply stretched at current price.
Ranked 71st of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
COMP scores 119 of 250 across the 25-variable framework, which places it 71st of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
COMP is a top-10 name in the set on 3 variables. The score rests on Regulatory Safety 8/10, 6th of 251, Supply Inflation 8/10, 8th of 251, Circulating / FDV Ratio 9/10, 10th of 251 and Vesting Schedule 8/10, 21st of 251.
Against the same universe, COMP sits in the bottom third on P/S Multiple 2/10, 218th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for COMP. Price has to be justified by demand rather than absorbed against a cliff.
COMP trades 98.1% below its all-time high of $854.45. Recovering that level is a 52.6x move, not a 98.1% one, which is the arithmetic most drawdown charts hide.
The framework score gained 9 points against the previous pass (110 to 119). Revisions of this size follow a change in the underlying variables, not a change in price.
$1.90B sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 2 | 218th of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 8 | 8th of 251 | |
| Vesting Schedule | 8 | 21st of 251 | |
| Circulating / FDV Ratio | 9 | 10th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 6 | 26th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 8 | 6th of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 6 | 33rd of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Compound III multi-chain expansion and potential governance fee switch
Principal risk
Extremely high P/S ratio (~112x) with declining market share vs Aave; COMP token captures minimal protocol value
Market and supply
| Price | $16.29 |
| Market cap | $162.9Mrank 186 |
| All-time high | $854.4511 May 2021 |
| Circulating supply | 10,000,000 |
| Eventual supply (max supply) | 10,000,000 |
| Dilution to full supply | 1x |
| Total value locked | $1.90B |
| Listed on | Binance, Coinbase, Kraken, Uniswap |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to COMP measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [DeFiLlama] Compound V3 TVL ~$1.9B across Ethereum, Base, Arbitrum as of May 2026
- [Token Terminal] COMP protocol revenue vs token market cap implies ~112x P/S ratio
- [CoinGecko] COMP ATH of $911 reached May 2021 during DeFi summer peak
Common questions
- What is the Early Thunder score for Compound (COMP)?
- COMP scores 119 out of 250 on the 25-variable framework, ranking 71st of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are COMP's strongest fundamentals?
- COMP ranks highest on Regulatory Safety 8/10, 6th of 251, Supply Inflation 8/10, 8th of 251, Circulating / FDV Ratio 9/10, 10th of 251 and Vesting Schedule 8/10, 21st of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the COMP thesis?
- COMP scores in the bottom third of the universe on P/S Multiple 2/10, 218th of 251. The single risk carried on the scorecard is: Extremely high P/S ratio (~112x) with declining market share vs Aave; COMP token captures minimal protocol value
- How much COMP supply is still to enter circulation?
- 100% of eventual COMP supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is COMP from its all-time high?
- COMP trades 98.1% below its all-time high of $854.45. Returning to that high requires a 52.6x move from the level used in this scoring pass.
- Which tokens have a similar profile to COMP?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to COMP are IOTA (78), MANA (66), MATIC (110) and SAND (58). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for COMP?
- Compound III multi-chain expansion and potential governance fee switch
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.