One Relatively New Decentralized Exchange Has Gained Traction Quickly Amid a Cooling DEX Market: IntoTheBlock
One relatively new decentralized exchange (DEX) is gaining momentum despite the bearish conditions in the crypto segment, according to the digital asset analytics firm IntoTheBlock.
The firm notes the total market cap of major DEX tokens currently sits at $26.6 billion.
“After a brief rise earlier this year, the market has cooled down, wiping out any YTD (year-to-date) gains.”
IntoTheBlock notes that Uniswap’s native token, UNI , is the commanding asset in the space, with 74.93% market cap dominance. But Aerodrome Finance ( AERO ) is rapidly building momentum in the sector, “making waves in both market cap and volume,” according to the analytics firm .
Source: IntoTheBlock/XAerodrome Finance is a trading and liquidity marketplace on Base, Coinbase’s Ethereum ( ETH ) layer-2 scaling solution. The project is a fork of Velodrome , a trading and liquidity marketplace originally launched on Optimism ( OP ), another Ethereum layer-2 scaler.
AERO, the 147th-ranked crypto asset by market cap, is trading at $0.71, up more than 16% in the past 24 hours. The token started trading in September 2023.
IntoTheBlock also notes that the DEX PancakeSwap ( CAKE ) “punches above its weight in volume, showing that it’s still a top contender despite its lower token value.”
Source: IntoTheBlock/XCAKE is trading at $1.80 at time of writing. The 133rd-ranked crypto asset by market cap is up over 2% in the past 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Shiba Inu (SHIB) Whales Prepare for Potential 30% Gain Amid Weakening Trend
MoonPay Partners with Ripple to Simplify XRP Transactions
Tennessee reaches multimillion-dollar settlement with GS Partners
Donald Trump’s new crypto venture is a danger to the entire industry
Share link:In this post: Trump’s crypto project is being trashed by industry leaders for shady executives and poor investor protections. The venture only raised $12 million out of a $300 million goal, and the site even crashed on launch day. Polls show Harris beating Trump, with a big lead among Hispanic voters, putting key states at risk for him.