Amid mixed market moves, several decentralized finance (DeFi) tokens have outperformed by hefty price gains.
First on the list is LDO, the native token behind the liquid staking platform Lido Finance, which has surged by over 18.6% and reached a high of $2.45 over the last 24 hours. Lido is currently worth about $2.36 per token and has a 24-hour trading volume of about $213 million.
This massive price gain comes also comes amid the multi-million dollar Solana hack. Recently, Lido Finance announced that it is “piloting a small onboarding round” to determine how easy it would be to add new Lido nodes to the Solana staking ecosystem.
In an effort to broaden validator onboarding opportunities in the Solana ecosystem, Lido is piloting a small onboarding round for Lido on Solana specifically for operators not currently running mainnet nodes.
For more detail: https://t.co/VAyayts9PV
— Lido (@LidoFinance) August 2, 2022
As per DefiLlama, Lido is currently the second-largest DeFi project in terms of total value locked (TVL) behind MakerDAO.
Second, SNX, the native token of synthetic-creating platform Synthetix, is on the list, which has also increased by 12.9%. SNX enjoyed positive price action, soaring to $4.11 before backtracking to $3.92. SNX currently has a market cap of $828M with a 24-hour trading volume of about $240 million.
Other DeFi Tokens
Thorchain’s RUNE also went up 10.40% in the last 24 hours, currently changing hands at around $2.74 with a 24-hour trading volume of $168 M.
UNI, the token underpinning decentralized exchange Uniswap also soared by 13.58% in the last 24 hours, with a 24-hour trading volume of about $306 million. It is currently worth $9.16 per token.
CRV, the governance token of the decentralized exchange Curve, went up 11.69% over the last day and reached as high as $1.41.
1 Inch, currently around $0.79, went up 8.06% in the last 24 hours.
Why is the DeFi Space Bullish
This bullish trend comes as Bitcoin (BTC), the industry’s top cryptocurrency, is up a modest 1.86% over the day, currently changing hands at $23,345.
Ethereum (ETH), the second largest cryptocurrency by market cap, also jumped 5% over the same period, with the asset trading at $1,663 by press time.
The Global crypto market cap has increased by 2.33%, standing at $1.08T. If the crypto market keeps up its move to the upside, all the cryptocurrencies could experience even higher highs than they currently hold