After fabricating impressive growth in summer 2020, decentralized finance (DeFi) protocols once again accelerate at a rapid speed. According to the analysis of CoinGecko, the price of UNI, the native token of Uniswap, has soared abruptly to hit a new all-time high of $14.25.
Uniswap is the leading decentralized exchange built on top of Ethereum. It usually launches small DeFi tokens before they are listed on centralized exchanges, as it does not need the permission of central authorities. The growth of several small DeFi tokens plays a significant role in the increase of Uniswap. Over the past week, UNI’s price has jumped by more than 65% in total, fueling its market cap above $4 billion.
At the time of reporting, it stands in the second spot among the top DeFi tokens in terms of market cap.
DeFi Market Cap Hit $45 Billion Mark
The meteoric growth of the DeFi sector is mainly lifted by the introduction of reward incentives and yield farming in which users invested billions of dollars. According to data from Messari, DeFi and decentralized exchanges are the only two sectors that perform well in terms of their recent market cap increase. Over the last week, both surge 17.6% and 23.2%, respectively.
Market data shows that the DeFi sphere erupted in mid-2020, jumped from nearly $700 million to $15 billion on December 31. Currently, the total market cap of DeFi tokens has surpassed $45 billion, as a whole, according to CoinGecko.