DeFi project Aave saw a major amount of activity recently, during which its price, market cap, and TVL surged enough for it to overtake Uniswap.
Recently, Aave (AAVE) — a DeFi protocol that allows users to lend and borrow money — saw a significant price surge of over 13%. The coin’s price surged past $500 as a result, currently sitting at $510. More than that, Aave finally managed to increase its market cap enough to overtake Uniswap (UNI).
Uniswap loses the lead to Aave
Aave has had quite a few profitable days recently. On a weekly basis, the coin went up by over 70%. In the meantime, its market cap climbed up to $6.2 billion, allowing the coin to reach the 14th spot on the list of largest cryptocurrencies by market cap.
Meanwhile, Uniswap (UNI) is the native cryptocurrency of the world’s biggest decentralized exchange (DEX). Uniswap used to be the world’s largest DeFi project by market cap until now, when Aave overtook that position.
Uniswap is not far behind, however — its market cap is at $5.8 billion. Not only that, but Uniswap price did not drop. In fact, it grew by 5.49% in the last 24 hours, and 9.03% on a weekly basis. The coin currently has a price of $19.38. In other words, Uniswap is performing rather well. It’s just that Aave is currently performing better.
Aave is growing to be the leading project in DeFi
As mentioned, Aave is a DeFi lending platform, based on the Ethereum network. The project recently made news due to a major surge in its transaction volume. Glassnode recently published on Twitter that AAVE Transaction Volume (7d MA) just reached an ATH at $15,011,577.97, while its previous all-time high was at $14,988,206.34.
$AAVE Transaction Volume (7d MA) just reached an ATH of $15,011,577.97
Previous ATH of $14,988,206.34 was observed on 05 February 2021
— glassnode alerts (@glassnodealerts) February 8, 2021
Aave is also among the leading projects in terms of TVL (Total Value Locked). According to DeFi Pulse, Aave is the second-largest project based on TVL, currently seeing $5.42 billion in tokens locked. The only project that has more is Maker, with a TVL of $5.78 billion. Meanwhile, Uniswap hasa TVL of $3.55 billion, sitting at the 5th spot.
As a second-largest project, Aave is contributing around 15.7% of the TVL of the entire DeFi market.
DeFi market explodes following Bitcoin’s rise to $40k
The DeFi sector has seen explosive growth in 2020, and so far, the rapid surge has continued just as strongly in 2021. DeFi is becoming bigger by the day, and so far, the overall DeFi market cap increased by 300% in 2021, according to Messari data.
Currently, the top DeFi performers include Maker (MKR), Aave (AAVE), Compound (COMP), Curve Finance (CRV), Uniswap (UNI), SushiSwap (SUSHI), and others. All of these projects have recorded massive amounts of growth in 2021 YTD.
Now, while Bitcoin is once again climbing towards the $40k mark, and Ethereum has made a new all-time high above $1,700 — many of the DeFi tokens literally saw their prices double.
The altcoin season might finally be coming, as many projects outside of the ETH ecosystem also saw strong price surges, such as Chainlink (LINK), whose price went from $10 on December 25th to $26 by February 5th.
The post Aave (AAVE) Exceeds Uniswap (UNI) in both TVL and Market Cap appeared first on Global Coin Report.
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