ethereum's DeFi sector is experiencing a revival, driven by renewed market enthusiasm following Donald Trump's election victory.
The total value locked (TVL) in the ethereum DeFi ecosystem has surpassed $80 billion, marking its highest level in over two years.
These figures come as key players like Aave and Uniswap also achieved major milestones during this bullish wave. Its growing activity highlights the growing appeal of DeFi solutions as investors and users flock to platforms that offer innovative financial tools and opportunities.
Record volume
Uniswap has set a new record for monthly trading volume on ethereum's Layer 2 networks, reaching $38 billion in November, a 50% increase from $20.32 billion in October.
Data from Dune Analytics reveals that Arbitrum contributed the most at $19.5 billion. Base follows 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, <a target="_blank" href="https://x.com/Uniswap/status/1861799456493953143″ target=”_blank” rel=”noopener” data-wpel-link=”external”>fixed:
“History is being made in the chain. New all-time high 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 data from CryptoSlate, the digital asset rose 10% in the last 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 its upcoming v4 protocol. the platform saying:
“More than 500 researchers participated in a $2.35 million security competition and no critical vulnerabilities were found. As deployment approaches, we are taking an extra step to ensure v4 is as secure as possible with the $15.5 million bug bounty.”
Aave reaches new highs
Aave, the largest DeFi lending platform, also reached a historic milestone.
According DeFiLlamaDeposits on the platform have increased to $33 billion, representing a 230% increase since the beginning of the year.
If Aave were a US bank, this figure would place Aave in the top 1.4% in deposits, 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 CryptoSlate According to data, the token recently hit a yearly high of $210 before settling at $200 at the time of publication.
