Ethereum’s DeFi Sector Revival: Record-Breaking Numbers Post-Trump Victory
Following Donald Trump’s election victory, Ethereum’s DeFi sector is experiencing a revival, with renewed market enthusiasm driving significant growth.
The total value locked (TVL) in Ethereum’s DeFi ecosystem has soared past $80 billion, marking its highest level in over two years. Key players like Aave and Uniswap have also achieved significant milestones during this bullish wave, showcasing the increasing appeal of DeFi solutions as investors and users flock to platforms offering innovative financial tools and opportunities.
Record Volume on Uniswap
Uniswap has 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 reveals that Arbitrum contributed the majority with $19.5 billion, followed by Base with $9.19 billion and Polygon at $4.33 billion.
In a social media post on Nov. 27, Uniswap Labs declared, “Onchain history is being made. New all-time high for monthly L2 volume on the Uniswap Protocol.”
Simultaneously, Uniswap’s native UNI token saw a 10% increase over the last 24 hours, pushing its price to $12.84. The platform also announced a $15.5 million bug bounty program, the largest in DeFi history, to secure its upcoming v4 protocol.
Aave Hits New Highs
Aave, the largest DeFi lending platform, has also reached a historic milestone. Deposits on the platform have surged to $33 billion, marking a 230% increase since the beginning of the year. This figure places Aave among the top 1.4% in deposits if it were a US bank, surpassing notable institutions like SoFi.
Stani Kulechov, Aave’s founder and CEO, sees this progress as the beginning of a financial revolution led by decentralized platforms. The platform’s growth is also reflected in the performance of its native token, AAVE, which has climbed 112% in 2024, hitting a yearly high of $210 before settling at $200 at the time of writing.
These milestones in the DeFi sector underscore the growing interest and adoption of decentralized financial solutions, positioning Ethereum’s DeFi ecosystem for further growth and innovation in the coming years.