In a massive price rally, Aave (AAVE) has surged another 12% approaching $500 levels by hitting its new all-time high. At press time, AAVE is trading 12.3% up at $489 with a market cap of $6.06 billion. With this move, AAVE has become the world’s largest DeFi crypto token surpassing giants like UniSwap (UNI).
Aave, the Ethereum-based peer-to-peer DeFi lending platform has been in news backed by some strong liquidity metrics. As per Glassnode data, along with the AAVE price, the total transaction volume for DeFi has reached a new all-time high.
📈 $AAVE Transaction Volume (7d MA) just reached an ATH of $15,011,577.97
Previous ATH of $14,988,206.34 was observed on 05 February 2021
— glassnode alerts (@glassnodealerts) February 8, 2021
The recent price rally in AAVE has helped it register the strongest gains among DeFi peers, so far in 2021. As per the Messari data, AAVE price has gained over 437% year-to-date to reach the number 1 spot. Also, AAVE is inching closer to DeFi token Maker (MKR) in terms of total-value-locked (TVL).
By the TVL metrics provided by DeFiPulse, AAVE is the second-largest DeFi crypto token after MKR with $5.35 billion total-value-locked. Thus, AAVE contributes 15.7% of the total DeFi market TVL of $34 billion.
DeFi Market Registers 300% Growth In 2021
If you have been actively following the mainstream crypto market but ignoring Defi, you have been leaving a lot of money on the table. The overall DeFi crypto market has registered explosive growth so far in 2021. As per data on Messari, the overall DeFi market cap has surged over 300% year-to-date.
In this explosive DeFi market rally, a number of Defi crypto tokens have registered staggering growth. Some of the top-performing DeFi tokens include UniSwap (UNI), Maker (MKR), SushiSwap (SUSHI), and Compound (COMP).
While Bitcoin continued its move towards $40,000, a number of Defi tokens have been decoupling with the BTC rally. Last week, a number of DeFi tokens literally doubled in price and value.
🥳 With #Bitcoin‘s volatility calming these past couple days, #altcoins have really began to flourish and make up for lost time that was dominated by $BTC toward the end of 2020. Standouts over the past week include $UMA, $ZRX, $MKR, $COMP, $NEXO, & $CAKE. https://t.co/yWNCiHbhmc pic.twitter.com/xSE4frVzJV
— Santiment (@santimentfeed) February 5, 2021
Also, with a strong rally in the DeFi market, oracle service provider Chainlink has also seen a huge surge in the price of its native LINK token. The LINK token has been dominating its place in the top ten cryptocurrencies by market cap and is currently trading near to its all-time high of $25.
On the other hand, UniSwap has emerged as the largest decentralized exchange (DEX) by trading volumes. The UNI DeFi token is currently trading around its all-time high of $19.18 but a few analysts feel that it is still undervalued.
The post Aave (AAVE) Overtakes UniSwap (UNI) As The Largest DeFi Crypto Token With $6 Billion Market Cap appeared first on Coingape.