DeFi tokens are leading the crypto market higher

The soaring DeFi tokens are attracting more mainstream adoption
  • Some DeFi tokens are witnessed performing tremendously in the crypto market
  • Where Bitcoin is struggling to hold the momentum near $38k, DeFi tokens are achieving new highs
  • With the soaring prices of tokens, the TVL in DeFi has also surged to create a new record high
  • The entire crypto industry is observed getting more mainstream attention after such performance in recent months

DeFi tokens are taking center stage as top lending tokens are creating new all-time high records. Recently tokens like Maker (MKR), Aave (AAVE), and Compound (COMP) have performed tremendously to achieve new all-time high records. On Thursday, such tokens prices have spiked by more than 41%, 14%, and 17% over the past 24 hours to achieve the new highs. The soaring tokens have also helped to hit a new record of$34 billion of total locked value (TVL) in the sector.

DeFi tokens are booming in the crypto market

Following the data from the CoinMarketCap, it is observed that currently, Chainlink (LINK) is the largest token by market capitalization. At press time, tokens like AAVE were trading at the price level of $491.81, whereas MKR was at $2,426, and COMP was at $487.61. The tokens have achieved the price levels after soaring over the past seven weeks. AAVE has surged by more than $67%, whereas MKR has surged by more than 69%, and COMP tokens by more than 97%. Among the DeFi tokens, the Universal Market Access (UMA) has performed better than all. Over the last seven days, UMA has exploded by more than 197%.

With the soaring price, the TVL in the sector is also booming

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Following the data aggregator’s data from the DeFi Pulse, it is observed that the total locked value (TVL) has crossed $34 billion. Currently, the DeFi data aggregator is listing around sixty-three projects. Among the projects, Maker is leading with $5.87 billion of TVL, with a surge of more than 2% over 24 hours. Following Maker, Aave with $5.52 billion locked and Compound with $3.93 billion locked are at the second and third position. It is found that over the past 24-hours, value locked in Aave has surged by more than 11%, whereas value locked in Compound has surged by more than 3%.

Crypto industry is getting more mainstream attention

The recent crypto market’s bullish run has attracted several more prominent names towards the crypto industry. Business leaders like Mark Cuban and other institutions like Grayscale have increased their attention in the market. It is also observed that traditional finance’s increasing involvement in the crypto ecosystem. However, the recent price performances and soaring trading volumes observed recently indicate the beginning of broader adoption and surging inflows into the BTC and DeFi ecosystem.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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