Ethereum’s DeFi sector is experiencing a revival, fueled by renewed market enthusiasm following Donald Trump’s election victory.
The total value locked (TVL) in Ethereum’s DeFi ecosystem has surged past $80 billion, marking its highest level in over two years.
These are also significant numbers for key players, such as Aave and Uniswap. These numbers show the rising popularity of DeFi as users and investors flock to platforms offering innovative financial tools.
Record volume
Uniswap has set a new record for monthly trading volume on Ethereum layer-2 networks, reaching $38 billion in November — a 50% jump from October’s $20.32 billion.
Data from Dune Analytics reveals that Arbitrum contributed the lion’s share with $19.5 billion. Base is next with $9.19billion, followed by Polygon on $4.33billion.
In a post on social media dated November 27th, Uniswap Labs stated that:
“Onchain history is being made. New all-time high for monthly L2 volume on the Uniswap Protocol.”
Meanwhile, this achievement coincides with a significant rise in the price of Uniswap’s native UNI token. According to CryptoSlate’s data, the digital asset was up 10% over the last 24 hours, pushing its price to $12.84.
Adding to the excitement, Uniswap announced a $15.5 million bug bounty program, the largest in DeFi’s history, to secure its upcoming v4 protocol. According to the platform:
“Over 500 researchers [had] participated 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’s new record high
Aave has reached an historic milestone.
DeFiLlama claims that the deposits made on their platform are now at $33 billion. This represents a 230% growth since the first of the calendar year.
This figure would place Aave, if it were a US-based bank, among the top 1,4% of banks in terms of deposits. It surpasses notable institutions such as SoFi.
Stani Kulechov, Aave’s founder and CEO, highlighted this progress as the start of a financial revolution driven by decentralized platforms.
Meanwhile, the platform’s growth is also reflected in the performance of its native token, AAVE, which has climbed 112% in 2024. According to CryptoSlate’s data, the token recently hit a yearly high of $210 before settling at $200 as of press time.
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