One relatively new decentralized exchange (DEX) is gaining momentum despite bearish conditions in the crypto space, according to digital asset analytics firm IntoTheBlock.
The company notes the total market capitalization of major DEX tokens currently stands at $26.6 billion.
“After a brief surge earlier this year, the market has cooled, wiping out all gains since the start of the year.”
IntoTheBlock notes that Uniswap’s native token, UNI, is the most important asset in the space, with 74.93% market capitalization dominance. But Aerodrome Finance (AERO) is quickly building momentum in the sector, “making waves in both market cap and volume,” according to the analysis company.
Airport Finance is a trading and liquidity marketplace on Base, Coinbase’s Ethereum (ETH) layer 2 scaling solution. The project is a spin-off from Velodromea trading and liquidity marketplace originally launched on Optimism (OP), another layer 2 scaler of Ethereum.
AERO, the 147th largest crypto asset by market cap, is trading at $0.71, up more than 16% in the last 24 hours. The token started trading in September 2023.
Also IntoTheBlock notes that the DEX PancakeSwap (CAKE) is “punching above its weight in volume, demonstrating that it is still a top contender despite its lower token value.”
CAKE is trading at $1.80 at the time of writing. The 133rd-ranked crypto asset by market capitalization is up more than 2% in the past 24 hours.
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Generated image: Midjourney