The decentralized finance (DeFi) sector is experiencing a remarkable surge as top tokens like AAVE, COMP, and others outpace the broader cryptocurrency markets.
Over the past 24 hours, these native tokens have seen substantial double-digit gains, showcasing the growing strength of the DeFi ecosystem.
While the top ten crypto assets traded within a narrow range, DeFi tokens stole the show. AAVE and COMP witnessed an astonishing 30% surge, SNX rallied by 19%, and UNI gained 12%.
Notably, other DeFi projects such as Curve, dYdX, and PancakeSwap also recorded significant gains of around 7% during this period.
The total value locked in DeFi protocols and the market capitalization of DeFi assets have both witnessed a notable increase of more than 10% in the past ten days. This upward trend signals renewed interest and confidence in the DeFi space.
After a period of underperformance, DeFi tokens are now capturing the attention of traders. While obscure memecoins and Bitcoin dominated the market in recent months, DeFi is making a strong comeback.
In April, memecoins experienced a resurgence, and this momentum spilled over to the Bitcoin network, driving record-high on-chain activity.
Bitcoin’s market dominance also reached a two-year high of over 50%, fueled by bullish anticipation for its upcoming halving.
Users are shifting their focus to DeFi, as evidenced by the recent surge in on-chain activity for many DeFi decentralized applications (dApps).
According to DappRadar, the number of unique wallets engaging with Aave increased by 28% this month. Additionally, Lido and Convex Finance saw respective increases of 17% and over a third.
Other DeFi platforms such as Pendle, PoolTogether, and Polygon’s PoS Chain bridge also experienced significant growth in active monthly users.
