Aave (AAVE) Beats UniSwap (UNI) As Largest DeFi Crypto Token With Market Cap Of $6 Billion


In a massive price rally, Aave (AAVE) has surged 12% to near the $500 level by hitting a new all-time high. At press time, AAVE is trading 12.3% up to $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, an Ethereum-based peer-to-peer DeFi lending platform has been in the news backed by some strong liquidity metrics. As per Glassnode data, along with AAVE prices, the total volume of DeFi transactions has hit a new all-time high.

The recent price rally in AAVE has helped it register the strongest gain among its DeFi peers, so far in 2022. As per Messari data, AAVE price has risen more than 437% year-to-date to reach the number 1 position. Therefore, AAVE is getting closer to DeFi Token Maker (MKR) in terms of total-value-lock (TVL).

Based on the TVL metric provided by DeFiPulse, AAVE is the second largest DeFi crypto token after MKR with a total-locked-value of $5.35 billion. Thus, AAVE contributes 15.7% of the total $34 billion DeFi TVL market.

DeFi Market Records 300% Growth in 2022

If you have been actively following the mainstream crypto market but ignored Defi, you have left a lot of money on the table. The overall DeFi crypto market has recorded explosive growth so far in 2022. As per the data at Messari, the overall DeFi market cap has jumped by more than 300% year-on-year.

In this explosive DeFi market rally, a number of DeFi crypto tokens have recorded surprising growth. Some of the best performing DeFi tokens include UniSwap (UNI), Maker (MKR), SushiSwap (SUSHI), and Compound (COMP).

While Bitcoin continues to move towards $40,000, a number of Defi tokens have separated with BTC rallying. Last week, the number of DeFi tokens literally doubled in price and value.

Moreover, with the strong rally in the DeFi market, oracle service provider Chainlink has also seen a huge spike in the price of its native LINK token. The LINK token has dominated its place in the top ten cryptocurrencies by market cap and is currently trading near an all-time high of $25.

On the other hand, UniSwap has emerged as the largest decentralized exchange (DEX) by trading volume. The UNI DeFi token is currently trading around an all-time high of $19.18 but some analysts feel it is still undervalued.

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