Uniswap, Aave Inching Closer to Top 10 as Chainlink Keeps Setting New Highs

News
Sun, 01/24/2021 - 08:55
article image
Alex Dovbnya
DeFi unicorns come to the fore, surpassing EOS (EOS) and Monero (XMR)
Uniswap, Aave Inching Closer to Top 10 as Chainlink Keeps Setting New Highs
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

With the Bitcoin rally hitting the pause button, the decentralized finance sector finally has its moment to shine.

Aave (AAVE) and Uniswap (UNI) are moving closer to the much-coveted top 10 on crypto ranking website CoinMarketCap after adding 14.97 percent and 7.54 percent, respectively, over the past 24 hours.

The two DeFi darlings have managed to surpass EOS whose recovery has been kneecapped by the sudden departure of Dan Larimer from Block.one earlier this month. They are also ahead of such prominent cryptocurrencies as Tezos (XTZ), Monero (XMR), and Tron (TRX).

DeFi
Image by coinmarketcap.com

Not that UNI, the native token of automated market maker Uniswap, has surpassed $10, the tokens that were handed out during the surprise airdrop in September, would now be worth over $4,000.      

A $25 billion market niche    

The growth of the DeFi sector has been nothing short of spectacular over the past year. In late January 2020, the total value locked in various decentralized finance protocols was sitting just below $1 billion. Now, this figure is well above $25 billion, according to data provided by DeFiPulse.

DeFi
Image by defipulse.com

Ethereum-based lending protocol MakerDAO retains its DeFi crown with $4.5 billion worth of value locked, but numerous competitors are breathing down its neck. Aave, Compound, and Uniswap have all eclipsed $3 billion.             

Related
Chainlink to Power Confidential DeFi

Chainlink isn’t tired of hitting new highs   

Chainlink (LINK), the token behind the decentralized oracle middleware of the same name, is also one of the hottest cryptocurrencies at the moment.

As reported by U.Today, Chainlink reached a new all-time high for the first time since August 2020 on Jan. 15. Bitcoin’s weakness didn’t stop LINK from ripping higher, with the oracle token reaching yet another lifetime peak of $25.5 on Jan. 23 at 21:48 p.m. UTC on the Binance exchange.  

Chainlink
Image by tradingview.com

One of the possible catalysts behind these explosive moves could be asset manager Grayscale adding a new trust tied to the token.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.