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.
Legend. RIP Maxis. Trust me I love Bitcoin, but it’s only part of the revolution. https://t.co/q9kpr71W3y
— Mike Novogratz (@novogratz) January 26, 2021
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 12.94% Aave / USD AAVEUSD $ 444.92
$57.5712.94% Volume 801.35 m Change $57.57 Open $444.92 Circulating 12.49 m Market Cap 5.56 b 6 d MakerDao Proposes D3M to Integrate with AAVE & Expand Stablecoin DAI Across DeFi 1 w Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still 'HODLing and Not Selling' 1 w Balancer Labs Has 'Zero' Involvement in Algorand; V2 Launch is the Sole Focus which is at 15h spot and SNX at 23rd place SNX 4.30% Synthetix / USD SNXUSD $ 20.31
$0.874.30% Volume 174.64 m Change $0.87 Open $20.31 Circulating 114.84 m Market Cap 2.33 b 5 d Coinbase Joins DeFi Accelerator to Help Take Decentralized Finance to the Masses 5 d Revolut Adds 11 New 'Hot' Cryptos Including DeFi Tokens for UK and EU Users 3 w Crypto & DeFi Market Continues to Consolidate for “Good Reasons,” Elon Musk’s Tesla Now Accepts Bitcoin .
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 6.78% SushiSwap / USD SUSHIUSD $ 17.58
$1.196.78% Volume 686.12 m Change $1.19 Open $17.58 Circulating 127.24 m Market Cap 2.24 b 1 d Cross-Chain Decentralized Exchange, THORchain (RUNE), Launches After 3 Long Years of Development 3 d CipherTrace Releases DeFi Compliance Solution Built on Chainlink to Abide by OFAC Sanctions Requirements 4 d SushiSwap is Ready with its Own V3 Under the Fully Open-source MIT License . 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%.