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- Ethereum’s DeFi continues to boom, with Aave (+ 35%) and UMA (+ 150%) drawing the most attention in the past 24 hours.
- UMA yesterday launched the uSTONKS token, which tracks an index of the ten most popular stocks in the WallStreetBets subreddit.
Ethereum’s DeFi has experienced another massive boom in the past few days. Total Value Locked (TVL) has risen nearly $ 5 billion since February 1 alone, and stands at $ 32.48 billion at the time of writing.
Source: https://defipulse.com/
The increasing adoption of DeFi protocols is reflected in the TVL and also results in fabulous profits for DeFi token investors. In the last 7 days, Uniswap (+ 44%), Aave (+ 50%), SushiSwap (+ 106%), UMA (+ 236%) and Compound (+ 76%) are undoubtedly the biggest winners in the crypto market and are only becoming surpassed by Dogecoin (+ 352%).
A look at the overall overview of today’s market shows that UMA (+ 150%) and Aave (+ 35%) recorded the highest price increases in the last 24 hours. UMA was trading at $ 35.41 at the time of writing, while Aave was close to the $ 400 mark, trading at $ 399.26, and has moved up to 15th place by market cap.
Aave – the most bullish altcoin in the DeFi space?
With the recent AAVE price rally, the Aave platform’s TVL is also up 23% in a single day and is close to breaking the $ 5 billion mark. This means that Aave is still the second largest protocol in Ethereum’s DeFi sector after Maker.
The popular pseudonymous crypto trader “Smart Contractor” recently told its 90,000 followers that Aave is one of the most promising altcoins on the market after Ethereum’s bull run. The trader analyzed that AAVE is massively bullish on all charts – USD, BTC and ETH. In that regard, the AAVE price rally may not be over for a long time.
Source: https://twitter.com/SmartContracter/status/1356918407526977536
As Santiment noted yesterday, the recent price rally is in line with the entry of numerous major investors into AAVE. The on-chain data provider found:
#DeFi is alive and well in #crypto, how $ AAVE rose to + 33% last day. #Aave Whales, which we believe contain addresses of 1,000 tokens or more (~ USD 397,000 + USD), rose from 266 to 327 addresses in the past month, fueling this rally.
Source: https://twitter.com/santimentfeed/status/1357143242584846341
Reasons for Pumping UMA
The UMA token currently ranks 25th with a market capitalization of almost USD 2 billion. Universal Market Access (UMA) enables users to create synthetic assets and is not limited to traditional financial instruments.
The current pump could possibly be related to yesterday’s announcement that the UMA protocol introduced the uSTONKS token in partnership with Yam Finance. The uSTONKS token is a synthetic token that tracks an index of ten stocks that are the most commented on in the infamous WallStreetBets subreddit.
In collaboration with @YamFinance: Announcing the arrival of uSTONKS on UMA:
“The uSTONKS token is a synthetic index that tracks an index made up of ten stocks that are most frequently commented on on r / wallstreetbets.” https://t.co/Rrky6QpMcW
– UMA (@UMAprotocol) February 3, 2021
In addition, the UMA announced today that the upgrades for the fourth quarter of 2020 have been fully reviewed by the Open Zeppelin team. Upgrades included new flexible optimistic oracles and the Eternal Synthesis.
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