A relatively new decentralized exchange (DEX) is gaining momentum despite the pessimistic conditions in the crypto space, according to digital asset analytics firm IntoTheBlock.
The company notes that the total market cap of major DEX tokens is currently $26.6 billion.
“After a brief rally earlier this year, the market has cooled, erasing all gains since the start of the year.”
IntoTheBlock notes that Uniswap’s native token, UNI, is the dominant asset in the space, 74.93% market cap dominance. However, Aerodrome Finance (AERO) is rapidly gaining momentum in the sector, “making waves in both market cap and volume,” according to the research firm.
Aerodrome Finance is a trading and liquidity marketplace on Base, Coinbase’s Ethereum (ETH) layer-2 scalable solution. The project is a fork of Velodrome, a trading and liquidity marketplace originally launched on Optimism (OP), another Ethereum layer-2 scalable solution.
AERO, the 147th crypto asset by market cap, is trading at $0.71, up more than 16% in the last 24 hours. The token began trading in September 2023.
IntoTheBlock also notes that DEX PancakeSwap (CAKE) “punched through its weight in volume, showing that it is still a top contender despite its lower token price.”
At the time of writing, CAKE is trading at $1.80. The 133rd largest crypto asset by market cap has gained more than 2% in the last 24 hours.
Generated image: Midjourney
