Ethereum’s DeFi sector is experiencing a revival, fueled by renewed market enthusiasm following Donald Trump’s election victory.
The total value (TVL) in Ethereum’s DeFi ecosystem has soared past $80 billion, marking the highest level in more than two years.
These numbers come as key players like Aave and Uniswap have also achieved major milestones during this bullish wave. Their increasing activity highlights the increasing appeal of DeFi solutions, as investors and users flock to platforms that offer innovative financial instruments and opportunities.
Record volume
Uniswap set a new record for monthly trading volume on Ethereum Layer-2 networks, reaching $38 billion in November – a 50% increase from October’s $20.32 billion.
Data from Dune Analytics shows that Arbitrum contributed the lion’s share at $19.5 billion. It is followed by Base with $9.19 billion and Polygon with $4.33 billion.
In a social media post on November 27, Uniswap Labs, the development team behind the platform, stated:
“Onchain history is being written. New all-time record for monthly L2 volume on the Uniswap protocol.”
Meanwhile, this achievement coincides with a significant increase in the price of Uniswap’s native UNI token. According to Crypto data, the digital asset has risen 10% in the past 24 hours, pushing its price to $12.84.
To add to the excitement, Uniswap announced a $15.5 million bug bounty program, the largest in DeFi history, to secure the upcoming v4 protocol. The platform said:
“More than 500 researchers [had] took part in a $2.35 million security competition and no critical vulnerabilities were found. As deployment approaches, we’re taking an extra step to ensure v4 is as secure as possible with the $15.5 million bug bounty.”
Aave reaches new heights
Aave, the largest DeFi lending platform, has also reached a historic milestone.
According to DeFiLlama, deposits on the platform have increased to $33 billion, representing a 230% increase since the beginning of the year.
If Aave were a U.S. bank, this figure puts Aave in the top 1.4% of depositors, surpassing notable institutions like SoFi.
Stani Kulechov, founder and CEO of Aave, highlighted this progress as the beginning of a financial revolution powered by decentralized platforms.
Meanwhile, the platform’s growth is also reflected in the performance of its native token, AAVE, which is up 112% in 2024. According to Crypto Slates According to data, the token recently hit a yearly high of $210 before settling at $200 at the time of writing.
