The crypto DeFi market has registered a blitzkrieg rally outperforming the broader crypto market over the last month. As per data on Messari, the overall DeFi market cap has grown by a massive 167% over the last month. While the overall cryptocurrency market cap has surged 24% as of date on a 30-day chart.
UniSwap (UNI) has emerged as the world’s largest decentralized exchange (DEX) protocol registering tremendous growth in recent times. The price of its native UNI token continues to hit new highs amid recent whale accumulation. Today itself, UNI price has surged all the way to a new all-time high of $14.43.
The UNI price has already surged a massive 193% year-to-date while it is 273% up over the last month. Messari explains that the DEX volumes have been soaring massively since the beginning of 2021. It states:
“Decentralized Exchange (DEX) volumes have been soaring to start 2021. At their current pace, monthly DEX volumes could blow past their previous record set in September 2020, reaching more than $55 billion. With clear product-market fit, accelerating volumes, and significant earnings potential, DEXs – and in particular automated market makers – have quickly become the most successful DeFi protocols to date”.
Other Top Performing DeFi Tokens
While UniSwap is clearly leading the DeFi market rally, it continues to get support from some of its peers.
- Ethereum-based lending DeFi token and provider of uncollateralized flash loans – AAVE – has also hit a new all-time high of $283.19, as per the Messari data. AAVE’s usage and popularity has grown exponentially within the DeFi space. The protocol has lend more than $1.7 billion so far through its popular ‘flash loans’ service. In terms of total value locked (TVL), AAVE is the second-largest contributor with $3.54 billion TVL.
- SushiSwap (SUSHI) is another favorite among DeFi investors as its has surged above 180% over the last month. At press time, SUSHI is trading at $7.13 with a market cap of $933 million. Earlier today, the SushiSwap protocol was under a rug-pull attack with the attacker exploiting the loophole of a low liquidity pool with non-eth pair where the trading fee which was supposed to go to the stakers on the network went to the attacker instead. However, the Sushi team has contained the problem in short time.
- Maker (MKR) is the third top-performing DeFi asset that has gained 130% over the last 30 days. From under $600 during the start of 2021, the MKR price has shot to its new 2-year high of $1913 on January 10. At press time, MKR is trading at $1327. Maker (MKR) is the largest in DeFi total valued locked (TVL) dominating 18.48% i.e. $4.68 billion of the overall DeFi market TVL.