Uniswap’s UNI Becomes the Largest DeFi Token, Ready to Join the Top 10 Cryptocurrencies

While Bitcoin and Ether are currently struggling to make huge moves after breaking their several all-time highs in January, DeFi tokens have taken charge. The broad cryptocurrency market is experiencing the red, but DeFi tokens are using this time to enjoy an uptrend.

The biggest gainer among these tokens today is ALPHA, which is up 54%, followed by INDEX (50%), BADGER (38%), PICKLE (37%), and LUNA (32%).

So far, in 2021, the leading DeFi tokens include BAO (1,264%), ALPHA (644%), PERP (382%) with BAGER (255%), MTA (227%), CRV (216%), AAVE (200%), and UNI (188%) some of the notable mentions.

DeFi recently got into the mainstream limelight on Wheel of Fortune as well.

The total value locked (TVL) in DeFi also continues to rise, currently at $25.5 million, near the ATH, with Maker having an over 18% dominance in the space.

Maker, Aave, and Compound are currently leading DeFi in terms of TVL. But Uniswap is the largest DeFi token at 13th place with a market cap of $4 billion.

Other DeFi blue chips climbing up the ranks and making their way into the top 10 cryptocurrencies include AAVE AAVE -4.53% Aave / USD AAVEUSD $ 100.60
Volume 270.1 m Change -$4.56 Open $100.60 Circulating 13.74 m Market Cap 1.38 b
1 y Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 1 y Software Provider Temenos Enables Crypto Trading for Banks 1 y Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov
which is at 15h spot and SNX at 23rd place SNX -9.71% Synthetix / USD SNXUSD $ 2.58
Volume 96.68 m Change -$0.25 Open $2.58 Circulating 114.84 m Market Cap 296.03 m
7 mon Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too 8 mon DeFi Autumn after Solana Summer? Traders Still Short as Bitcoin Jumps to $48k and Ether to Nearly $3,700 8 mon DeFi Rallies Towards New Highs As Multiple Layer 1 Blockchains Amaas $50 Billion in TVL

While Uniswap gains strength ahead of its V3 launch, people are pointing to the DEX as “having no value accrual.” While that may make some question the dominating DEX, to Ryan Watkins of Messari, growth is more important than capturing fees. Watkins said,

“Even if a token does implement some kind of fee capture it’s much better to reinvest those earnings rather than distribute as dividends. UNI implicitly does this by not extracting fees from LPs (fee switch off).”

“If a token is designed from the ground up to be an integral part of the protocol and rewarded for being so. It removes the future risk of attempting to jam new governance token economics into the economy of an already successful protocol after the fact.”

Meanwhile, Sushiswap continues to introduce features that improve SUSHI value accrual SUSHI -1.58% SushiSwap / USD SUSHIUSD $ 1.63
Volume 205.69 m Change -$0.03 Open $1.63 Circulating 127.24 m Market Cap 206.87 m
4 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 5 mon Is This The Beginning of the Santa Rally? Markets Jump in Asia Session 5 mon Polygon Rolls Out EIP 1559 Implementation to Burn MATIC Token
. The project that has come a long way from being just a copycat of Uniswap distributes its fees directly to SUSHI stakers, unlike Uniswap, where the fees on trading volumes go to a community-managed treasury.

While Uniswap is the leading the DEX volume by recording $2 bln to $5.5 bln every week and accounting for 47.7% share of the market, Sushiswap is fast catching up and chipping away at Uniswap’s dominance by increasing its DEX volume market share from 8.51% in late Sept. 2020 to now nearly 25%.

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