BTC holds the $20,500 level, but DeFi tokens stole the show. AAVE was up 16.5% over the last 24-hours and Uniswap's UNI was up by 11%. LedesmaLyllah & godbole17 report.
Cryptocurrency lending platform Aave's native coin AAVE was up 15% at $91. Last week, AAVE proposed a decentralized yield-generating dollar-pegged stablecoin GHO to expand services offered on the platform. GHO is likely to generate additional revenue for the Aave DAO by sending 100% of interest payments on GHO borrowing to the DAO, the proposal said.
"Sure, we see some rally in the DeFi coins for now, but fundamentally nothing has changed. The total value locked has been destroyed," crypto financial services firm Amber Group said, while noting the absence of large buying. The total value locked in the DeFi protocols has crashed to $38 billion from $95 billion this year. And there was hardly an uptick as of writing, according to data source DeFi Pulse. The total value locked is the amount of user funds deposited in the DeFi protocols and is one of the most commonly used metrics to assess the sector's growth.
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