Ethereum’s DeFi sector is experiencing a revival, fueled by renewed market enthusiasm following Donald Trump’s election victory.
The total value locked (TVL) in Ethereum’s DeFi ecosystem has surpassed $80 billion, marking its highest level in over two years.
These numbers come as key players like Aave and Uniswap also hit major milestones during this bullish wave. Their growing activity highlights the growing appeal of DeFi solutions as investors and users flock to platforms offering innovative financial tools and opportunities.
Recording volume
Uniswap set a new record for monthly transaction volume on Ethereum Layer 2 networks, reaching $38 billion in November, a 50% jump from October’s $20.32 billion.
Data from Dune Analytics reveals that Arbitrum contributed the lion’s share with $19.5 billion. It is followed by Base with $9.19 billion and Polygon with $4.33 billion.
In a November 27 social media post, Uniswap Labs, the development team behind the platform, said:
“The story of Onchain is being written. New all-time high for monthly L2 volume on the Uniswap protocol.
Meanwhile, this achievement coincides with a significant rise in the price of Uniswap’s native UNI token. According to data from CryptoSlate, the digital asset rose 10% over the past 24 hours, pushing its price to $12.84.
Adding to the excitement, Uniswap announced a $15.5 million bug bounty program, the largest in DeFi history, to secure its upcoming v4 protocol. The platform said:
“More than 500 researchers participated in a $2.35 million security competition, and no critical vulnerabilities were found. As the rollout approaches, we’re taking an extra step to ensure v4 is as secure as possible with the $15.5 million bug bounty.
Aave reaches new heights
Aave, the largest DeFi lending platform, also reached a historic milestone.
According to DeFiLlama, deposits on the platform jumped to $33 billion, an increase of 230% since the start of the year.
If Aave were a US bank, this figure would place it among the top 1.4% in deposits, surpassing notable institutions like SoFi.
Stani Kulechov, founder and CEO of Aave, highlighted this progress as the start of a financial revolution driven by decentralized platforms.
Meanwhile, the platform’s growth is also reflected in the performance of its native token, AAVE, which soared 112% in 2024. According to CryptoSlate According to the data, the token recently hit a yearly high of $210 before settling at $200 at press time.
