Ethereum’s DeFi sector is experiencing a resurgence, driven by renewed market optimism following the recent election results.
Surge in Total Value Locked
The total value locked (TVL) in Ethereum’s DeFi ecosystem has crossed $80 billion, reaching its highest level in over two years.
Key Milestones Achieved
- Aave and Uniswap have achieved significant milestones during this bullish wave.
- Increasing activity signifies the growing interest in DeFi solutions among investors and users.
Record-breaking Volume
Uniswap has set a new record for monthly trading volume on Ethereum layer-2 networks, hitting $38 billion in November, a 50% increase from October.
Data from Dune Analytics shows that Arbitrum contributed $19.5 billion, followed by Base with $9.19 billion and Polygon at $4.33 billion.
Uniswap Labs, the platform’s development team, announced: “Onchain history is being made. New all-time high for monthly L2 volume on the Uniswap Protocol.”
Additionally, the price of Uniswap’s native UNI token rose by 10% in the last 24 hours, reaching $12.84.
Security Measures and Bug Bounty
- Uniswap introduced a $15.5 million bug bounty program, the largest in DeFi’s history, to secure its upcoming v4 protocol.
- Over 500 researchers participated in a $2.35 million security competition, ensuring v4’s security.
Aave’s Milestone
Aave, the leading DeFi lending platform, has achieved a historic milestone with deposits soaring to $33 billion, a 230% increase since the beginning of the year.
If Aave were a US bank, its deposits would place it among the top 1.4%, surpassing institutions like SoFi.
Stani Kulechov, Aave’s founder and CEO, sees this as the beginning of a financial revolution driven by decentralized platforms.
The platform’s native token, AAVE, has also seen significant growth, rising 112% in 2024 and hitting a yearly high of $210.
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