The crypto DeFi market has registered a blitzkrieg rally outperforming the broader crypto market over the last month. As per data on Messari, the overall DeFi market cap has grown by a massive 167% over the last month. While the overall cryptocurrency market cap has surged 24% as of date on a 30-day chart.
UniSwap (UNI) has emerged as the world’s largest decentralized exchange (DEX) protocol registering tremendous growth in recent times. The price of its native UNI token continues to hit new highs amid recent whale accumulation. Today itself, UNI price has surged all the way to a new all-time high of $14.43.
The UNI price has already surged a massive 193% year-to-date while it is 273% up over the last month. Messari explains that the DEX volumes have been soaring massively since the beginning of 2021. It states:
“Decentralized Exchange (DEX) volumes have been soaring to start 2021. At their current pace, monthly DEX volumes could blow past their previous record set in September 2020, reaching more than $55 billion. With clear product-market fit, accelerating volumes, and significant earnings potential, DEXs – and in particular automated market makers – have quickly become the most successful DeFi protocols to date”.
While UniSwap is clearly leading the DeFi market rally, it continues to get support from some of its peers.
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