Blue-chip DeFi tokens are leading the market rally

Many blue-chip DeFi tokens have risen in the past 24 hours, and the reasons for this positive performance are many. Some of the native assets of the major DeFi protocols have increased more than 10% over the past day. CRV, AAVE and SUSHI are typical tokens.

DeFi is a rapidly growing sector of the cryptocurrency industry that offers many traditional financial services such as loans and credits, but eliminates centralized intermediaries such as banks or brokers.

There is currently a Total Value Locked (TVL) of around $ 182 billion across the sector, according to DeFi Llama. Unlike DeFi Pulse, DeFi Llama doesn’t just record DeFi activity on Ethereum.

Total locked the entire DeFi room | Source: DeFi Lama

In this area, 3 protocols (and native governance tokens) stand out. Although CRV, AAVE, and SUSHI all rose sharply, for very different reasons.

solution layer 2, NFT triggers bullish momentum

Curve, a decentralized exchange (DEX) optimized for assets of similar value to stablecoins, was launched on Arbitrum. Arbitrum is a Layer 2 scaling solution for Ethereum. Instead of processing individual transactions on the Ethereum mainnet, curve operations are carried out in batches and periodicals, which reduces congestion and transaction costs.

To increase the use of Curve’s initiative, the development team implemented 2 liquidity pools that are very profitable. The first pool is called “TriCrypto,” which offers a whopping 272% return for users who add one of three assets: USDT, WBTC, or WETH. The second pool is called “2pool” and offers a 6.5% profit for users who deposit USDC or USDT.

Liquidity pool the curve on arbitrum | The source: Curve

Curve’s Decentralized Autonomous Organization (DAO) also held a vote today to decide whether additional bonus tokens will be awarded to users who join either pool. If approved, additional CRV tokens will be issued based on Curve’s base rate of return.

Charlie Watkins, a member of the Curve Finance core team, tweets:

“We have just started on Arbitrum with TriCrypto Pool (USDT / ETH / WBTC) and 2Pool (USDT / USDC). CRV rewards will be proposed through a vote in the DAO on Wednesday.

These developments may have contributed to the 19% increase in CRV over the past 24 hours.

1H CRV chart. Source: TradingView

SushiSwap, a popular decentralized exchange that allows users to trade, lend, and borrow, has also joined Arbitrum. In fact, it’s one of the most heavily integrated projects in DeFi, working on Avalanche, Celo, Polygon, Fantom, Binance Smart Chain, and many more.

Total locked in SushiSwap on different blockchains | The source: DeFi Lama

However, SUSHI’s recent 15% surge could be attributed to the recent NFT sale on SushiSwap’s Miso token selling platform.

1H SUSHI card. Source: TradingView

Interested NFT speculators can purchase the DONA reservation token on Miso under the name “Jay Pegs Auto Mart”. These tokens will then be used to redeem “NFT Kia Sedona 2007” on September 21, 2021.

The sale of DONA tokens brought in 427.14 ETH, or $ 1,451,276.49 at today’s prices.

For aave, crypto credit and loan history, social media and news the platform recently raved about an upcoming project. The project is currently referred to as the “REDACTED protocol” by the Aave team.

Aave’s co-founders and team members suggested that the project would include monetizing users’ social media activities.

In July, Aave Founder and CEO Stani Kulechov revealed similar plans, adding, “We believe that content creators should have their audience in a way that doesn’t require permission from social graphs and data.”

In addition to the growing hype surrounding this project, Aave has also added the algorithmic stablecoin FRAX, which allows holders to borrow and lend assets.

The above events may have contributed to Aave’s native token increasing by more than 15%.

1H AAVE diagram. Source: TradingView

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Minh Anh

After decryption

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