The total value of assets locked (TVL) in decentralized finance (DeFi) protocols has more than doubled in the last three months and is closing in on a new milestone. According to data from industry tracker DeFi Pulse, the TVL currently stands at $24.69 billion, meaning it is only a stone’s throw away from the $25 billion milestones.
With Bitcoin consolidating within the $30,000 to $40,000 range, investors are understandably plunging profits into altcoins to generate better yields, and DeFi tokens appear to be the largest beneficiaries.
In the last week alone, native tokens for leading projects, Uniswap (UNI) and Aave (LEND), broke into the top twenty cryptocurrencies by market. There were also massive gains across the board for MakerDAO’s Maker token, Synthetix (SNX), and oracle-focused, Chainlink (LINK).
Uniswap (UNI) Leads the Pack
While LINK’s recent break above its previous all-time high caught the eye, and over 100% return in the space of seven days means that Uniswap’s UNI token saw the biggest large-cap gain among DeFi tokens.
UNI is making a comeback after a slow start caused by investors offloading UNI tokens earned from an earlier liquidity mining program on the Uniswap exchange. There was also significant early ‘sell’ pressure since most holders acquired the token via a landmark airdrop to historical users of the Uniswap exchange.
However, the reduced sell pressure and the recent altcoin season have put UNI on most investors’ radar. The token jumped from $5.24 on Jan 12 to around $9.10 at the time of writing this report. It now boasts a $2.5 billion market cap and could become a contender for the top ten rankings if the rally continues.
Uniswap is also the largest DeFi protocol in TVL, with the current assets’ value standing at $4.29 billion.
Aave Sees Over 70% Increase.
As noted earlier, Aave (LEND) also saw similar gains, growing by over 70% in the last seven days.
A $185 token price at press time means the token now has a $2.2 billion market cap. Aave (LEND) is the third-largest DeFi protocol, with a $3.27 billion TVL.
