DeFi Tokens Record Whopping Gains Amidst Market Recovery

After suffering from massive losses, the wider crypto market appears to be on the path to recovery finally. In the last week, a number of cryptocurrencies as well as tokens in decentralized finance (DeFi) have managed to record some solid gains, which is definitely a positive sign.

The LDO token

According to the data from CoinMarketCap, the LDO token launched by Lido Finance, the liquid staking platform, is enjoying the most gains. In the last seven days, it has recorded an increase of 161% and has currently hit a high of nine weeks at $1.59. In the last 24 hours, the token has recorded gains of 0.13%.

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The token’s price saw a positive impact from the recent announcement of the platform about expanding into different layer-2 scaling solutions, but it had been short-lived. This is because the token still remains down from its all-time high price of $18.62 which was recorded last year in August by almost 80%.

The AAVE and CRV token

Aave is a renowned crypto lending platform and its AAVE token has also seen a rise in the last week. It climbed by 46.4% and reached a high of two months to trade at $100. In the last 24 hours, AAVE has recorded gains of about 4.8%, as it was still benefitting from the plan recently proposed by the platform about developing its own collateralized stablecoin.

The CRV token that powers Curve, the decentralized exchange, has also recorded robust weekly gains of about 41.5%. Just like AAVE and LDO, the Curve token has now reached a high of nine weeks to trade at $1.28. The last 24 hours have also seen the token record positive movements in price, as it has risen by almost 9.6%.

Other projects

There are a number of other projects that have also made a great deal of progress when it comes to their prices recently. These Include the RUNE token, which is behind a cross-chain platform based on Cosmos for token swapping called Thorchain. In the last 24 hours, the token recorded gains of 11.7%, while its gains for the week stood at 40%.

Apart from that Uniswap saw a rise in value by almost 32%, while the FTM token from Fantom had recorded gains of about 37%. Meanwhile, the second-largest cryptocurrency in the market based on its market capitalization, Ethereum has also recorded some gains.

The crypto was up by 5.4% for the day and its weekly gains were around 45%. On Tuesday, the currency had managed to recapture the $1,600 level. However, it then declined to reach $1,558. But, it should be noted that the crypto has managed to retain its value close to the $1,500 mark, which is undoubtedly a good sign for it.

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Similarly, Bitcoin has recorded consecutive gains for the last three days and has reached the $23,000 mark for now. Many believe that the crypto market has finally ended its rout and is on its way to recovery once more.