DeFi Today: Uniswap Dominance, DYDX Rise And DeFi TVL At 2.5 Year Lows

DeFi analyst uncovers UNI, MKR, and AAVE Trends amidst market shifts. Will DeFi coins make a comeback?
By Sunil Sharma
August 25, 2023 Updated August 25, 2023
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Market intelligence platform IntoTheBlock has conducted a comprehensive analysis, shedding light on current trends and token performances. The 7-day average transaction analysis has unveiled intriguing insights, showcasing the dominance of Uniswap in the DeFi space. Maker and Aave closely trail Uniswap, while 0x is an outlier with significantly fewer daily transactions.

Another pivotal observation by IntoTheBlock revolves around the Total Value Locked (TVL) in DeFi protocols, which has recently hit a 2.5-year low. This downtrend is rooted in a series of events that led to a negative feedback loop within the ecosystem. 

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DeFi Movers: Uniswap, Maker, and Avalanche

Uniswap price a cornerstone of the DeFi space, is currently trading at at $4.57 with a 24-hour trading volume of $91 million. While it witnessed a minor 2.33% decline in the last 24 hours, its significant impact on the DeFi ecosystem remains undisputed.

Uniswap comparison with AAVE, MAKER
                               Uniswap comparison with AAVE, MAKER, AVAX  Source: Coingape

Maker, a substantial player in the DeFi sector, is trading at $996.75. Despite a recent 5.93% dip in the last 24 hours, Maker’s influence in the market is undeniable. With AAVE price at $56.28,  Aave has experienced a slight 0.99% decrease in the last 24 hours. Its unique approach and growing ecosystem contribute to its standing in the market.

DeFi Comeback? Fluctuating Transaction Trends and Promising Signs

With a steep 80% drop in 2022, plummeting token prices set off a chain reaction that impacted yields, eroding the perceived value of DeFi protocols. Coupled with a waning appetite for speculative investments, the current TVL slump is unsurprising, marking its lowest point since 2021.

The market analysis unveils intriguing transaction trends, with a noticeable spike evident at the start of the current month. This surge is far from coincidental, as the data uncovers a sustained trend following a significant upswing observed in June. The robust transaction levels witnessed in this period underscore the growing adoption and resilience of certain DeFi assets.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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