DeFi Sector Rockets Higher With AAVE and COMP Rallying 30% – Crypto News – Crypto News
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DeFi Sector Rockets Higher With AAVE and COMP Rallying 30% DeFi Sector Rockets Higher With AAVE and COMP Rallying 30%

De-fi

DeFi Sector Rockets Higher With AAVE and COMP Rallying 30% – Crypto News

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3 years ago

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Many top DeFi tokens are outperforming the broader markets, with the native tokens of Uniswap, Aave, Compound and Synthetix posting double-digit gains over the past 24 hours.

DeFi assets went on a tear on Saturday, while each of the top ten crypto assets by capitalization traded within a 2% range, according to CoinGecko. AAVE and COMP surged by an enormous 30%, while SNX rallied 19%, and UNI gained 12%. Curve (CRV), dYdX (DYDX), and PancakeSwap (CAKE) were also up roughly 7% today.

Both the combined total value locked in DeFi protocols and the market cap of DeFi assets are up more than 10% in the past ten days.

Market cap of DeFi tokens, 14-day chart

DeFi Assets Break Out of Rut

DeFi tokens underperformed for much of 2023, with unclear memecoinsand then Bitcoin capturing the imagination of traders in recent months.

Memecoins saw a resurgence in April and spilled onto the Bitcoin network amid the rising popularity of the BRC-20 token standard, driving a record high for the veteran network’s on-chain activity. Coupled with bullish anticipation for Bitcon’s third halving in roughly ten months, BTC is up 20% in 10 days and its market dominance has hit a two-year high of more than 50%.

Bitcoin Dominance Rises To Highest Level In Over Two Years

Bitcoin Dominance Rises To Highest Level In Over Two Years

Whales Have Accumulated $3.5B Of BTC Since April: Santiment

But many users are now turning their attention to DeFi, with a June 22 reports from DappRadar noting a recent resurgence in on-chain activity for many DeFi dApps. data from DappRadar shows the number of unique wallets engaging with Aave is up 28% this month, while Lido is up 17%, and Convex Finance grew by more than a third.

Active monthly users also doubled on Pendle, increased 30% on PoolTogether, and jumped 17% for Polygon’s PoS Chain bridge.

LSTfi Bolsters DeFi Growth

DeFi has also received a shot in the arm from the recent rise in dApp integrations supporting liquid staking tokens, dubbed To install LSTfi. Liquid staking tokens like Lido’s stETH and Rocket Pool’s rETH allow holders to accrue staking rewards without running a node or locking up their liquidity.

DeFi integrations offer additional sources of yield to LST holders, making them an increasingly popular strategy for traders looking to maximize the capital efficiency of their staking exposure. More than 8M ETH is locked in Ethereum-based LST tokens, according to Dune Analytics,

the defiant
Eth2 liquid stake balance

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