- Decentralized Finance Maker, Aave, Compound, and Polygon soar to new highs.
- All the DeFi protocols operate on Ethereum.
- The DeFi community thinks that MKR, AAVE, COMP, and MATIC rise is due to the ETH price surge.
Currently, decentralized finance (DeFi) protocols Maker, Aave, Compound, and Polygon are on the rise to their new highs. As a result, the said DeFi-based tokens currently appear to be the top picks within the DeFi market.
Of note, MKR, AAVE, COMP, and MATIC mainly operate using the Ethereum (ETH) blockchain. Due to this, the DeFi community speculates that the aforementioned DeFi tokens got support from the rise in the ETH price nowadays.
Also, the DeFi community thinks that the sudden drop of the Ethereum gas fee has influenced users’ interest rates in DeFi. Specifically, Maker has faced a sharp increase in the price of its native token MKR over time.
Based on the report, the MKR price surge is attributed to factors including an upgrade to the clearance engine. Thanks to the Makers expansion of its list of approved warranties.
Next, Aave growth also started way back in April right after its launch on the Polygon network. However, Aave intends to offer a supportive hand to the protocol’s evolution while still functioning on the Ethereum technology.
Also, Aave recorded a 55% increase in April when its price was $315 before surging to 534% on May 3. Like Aave, COMP price also recovered from a low of $430 to a high of $879 from April to May 2.