DeFi Tokens Among Market's Best Performers — Aave, Uniswap Ride High On Encouraging Developments
Popular decentralized finance (DeFi) tokens were among the market's top gainers Wednesday on the back of significant developments in their respective spheres.
What happened: The native token of leading lending and borrowing capital Aave pumped over 7% to become the second-best performing cryptocurrency in the last 24 hours.
The coin's trading volume soared 67% to $515 million in the 24-hour period, implying frantic buying activity.
The rally followed a disclosure by World Liberty Financial, an upcoming cryptocurrency venture backed by former President Donald Trump, that it was collaborating with Aave to push "all of DeFi forward."
Additionally, the token underpinning the largest decentralized cryptocurrency exchange, Uniswap, bounced over 4% over the last 24 hours to hit a 10-day high.
Like AAVE, UNI's trading volume soared, increasing by 84% in the last 24 hours.
The jump came after Uniswap Labs, the business behind the protocol’s development, reached a settlement with the CFTC over illegal sales of digital asset derivatives.
Note that Aave and Uniswap are among the largest DeFi protocols, boasting a total value locked of $11.09 billion and $4.33 billion, respectively, according to DeFiLlama.
Why It Matters: The surge underlined the growing interest in DeFi protocols and tokens.
Donald Trump’s forthcoming endeavor, World Liberty Financial, has already piqued the interest of supporters of decentralized banking.
The broader market rallied Wednesday, defying the stock market decline. Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) recorded healthy gains to upwards of 3%.
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