DeFi Tokens MKR, COMP and AAVE Pump as Crypto Market Slumbers

In brief

  • DeFi tokens Maker (MKR), Compound (COMP), and AAVE are seeing their prices grow.
  • This comes on the heels of Bitcoin's worst Q2 performance since 2018.

As the cryptocurrency market largely continues to remain in stasis, some decentralized finance (DeFi) tokens—such as Maker (MKR), Compound (COMP), and Aave (AAVE)—broke the mold today and are seeing noticeable growth.

At press time, MKR, the governance token of popular Ethereum-based platforms MakerDAO and Maker Protocol, is trading at around $2,544, up 11% on the day, according to crypto metrics platform CoinGecko.

Data provided by decentralized finance analytics platform DeFi Pulse shows that Maker is currently the third-largest platform in the sector, with $6.65 billion of value locked on it currently.

In its turn, Aave, a multichain Ethereum-Polygon DeFi lending platform, occupies the top spot with $10.32 billion of value locked. Its native governance token AAVE, meanwhile, is trading at roughly $236, up around 5% on the day.

The price of COMP, the governance token of the Compound protocol which is currently ranked 5th by DeFi Pulse with $6.34 billion in locked value, also surged by 16% today, and currently stands at around $338.

In general, the DeFi tokens’ strides today surpassed most of the major cryptocurrencies from the top 10. Bitcoin, for example, continues to wallow around $33,500, down roughly 3% on the day. Ethereum, the second-largest digital asset by its market capitalization, hovers around $2,100, down 1% over the past 24 hours.

Meanwhile, Binance Coin ($287, -1%), Cardano ($1.34, +1.2%), Dogecoin ($0.25, +0.8%), XRP ($0.66, -0.5%), and Polkadot ($15.4, -0.2%) largely remain locked in their current price corridors, albeit slightly on the “red” side.

This past quarter has delivered a pummeling for cryptocurrencies in general—to put it mildly. Bitcoin, for example, has demonstrated its worst Q2 performance since 2018 by opening the three-month period at $58,800 and closing it at $35,171.

https://decrypt.co/74976/defi-tokens-mkr-comp-and-aave-pump-as-crypto-market-slumbers/

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