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DeFi Market Bounces Back: Uniswap, Aave, YFI on the Lead

DeFi Market Bounces Back: Uniswap, Aave, YFI on the Lead
  • DeFi market recovers with UNI, YFI, and AAVE on the lead.
  • Uniswap rises more than 68%.
  • Yearn.finance surges nearly 143% over the past few days.
  • Aave experiences an increase of over 123% in its gains.

The DeFi space is seeing recovery after encountering losses over the past two months. Currently, Aave, Uniswap, and Yearn.finance are experiencing a bullish trend after losing ground to Bitcoin.

Uniswap Rises More Than 68%

Significantly, decentralized exchange Uniswap is experiencing a market hype as it has seen a rise of more than 68%. To add on, Uniswap’s native token has seen gains from its monthly low of $1.79 on November 5th to a seven-day high of $2.94 on November 7th. At the time of writing, UNI is settling at $2.85 per unit.

 Source: Coingecko
Source: Coingecko

Apparently, IntoTheBlock’s IOMAP reveals that approximately 1,800 addresses bought 6.7 million UNI between $2.87 and $2.95. In addition, 4,000 addresses have previously purchased over 40 million UNI around $2.4. Therefore, this shows a spike in the demand for the cryptocurrency. Hence, this can confirm that the prices might rise towards $3.3 or go even higher.

Yearn.finance Surges Nearly 143%

Additionally, Yearn.finance (YFI) is also part of the huge resurgence in DeFi, surging nearly 143% in the last few days. At present, the cryptocurrency is settling a little above $17,000. Moreover, an increase in the buying pressure can lead to a YFI price of around $19,000.

 Source: Coingecko
Source: Coingecko

In addition, over 1,000 addresses are holding nearly 10,500 YFI around this price level. These addresses shot up from near-zero on October 20 to 1,626 at the end of October. Hence, a spike in daily active addresses points toward YFI’s network growth in the future.

Aave Increases Over 123%

Also following the surge in the DeFi sector is lending platform Aave, with an increase of over 123% in its gains. The Aave token bottomed out on November 5th at $26.02 and rallied as high as $58.52 on November 9th. AAVE price is trading above $60, at the time of writing.

After a drastic drop in the DeFi market and trading volume of Aave, the platform continues to soar. Roughly 770 addresses have previously purchased 3.15 million AAVE. Also, nearly 300 addresses bought roughly 4.7 million AAVE between $55.5 and $56.2.

 Source: Coingecko
Source: Coingecko

DeFi Market Continues to Persist

The DeFi market saw a plummet over the past months while Bitcoin soared in its price to over $15,000. Recently, DeFi projects added $1.32 billion to the total value locked (TVL) in its smart contracts within one week. As per metrics site DeFi Pulse, the DeFi TVL has risen from $11.16 billion to over $12 billion.

Remarkably, over half of the $12 billion DeFi TVL is contained in the top three projects. These are Uniswap, Maker, and Wrapped Bitcoin.

A devoted news specialist who is passionate about the blockchain and crypto industry. She writes news and feature articles based on the latest developments in the market. She is always updated and on the go.