Uniswap and Aave Leads the Race on Ethereum as DeFi Market Surpasses $80B in TVL

Amid the bullish season in the crypto market, Ethereum's DeFi ecosystem is experiencing a resurgence, with the total value locked (TVL) surpassing $80 billion

Ethereum's decentralized finance (DeFi) ecosystem is experiencing a resurgence amid the bullish season in the crypto market, with the total value locked (TVL) surpassing $80 billion, the highest it has been in over two years. This surge is being driven by increased market activity on protocols and decentralized applications (Dapps) such as Lido, Aave, Uniswap, and others.

Uniswap, a leading decentralized exchange, has set a new record for monthly trading volume on Ethereum layer-2 networks, reaching a massive $38 billion in November. This is a significant increase from October's $20.32 billion.

The majority of this volume was generated by Arbitrum, which accounted for $19.5 billion, followed by Base ($9.19 billion) and Polygon ($4.33 billion).

"Onchain history is being made. New all-time high for monthly L2 volume on the Uniswap protocol," the Uniswap team stated in a celebration of the milestone. The success is also evident in the performance of Uniswap's native UNI token, which saw a 10% rise over the past 24 hours, reaching $12.84.

Aave, the largest DeFi lending protocol, has also achieved an impressive milestone. Despite the platform encountering difficulties earlier this year, it has seen a remarkable surge in activity, with total platform volume surging to $33 billion, a 230% increase since the beginning of 2024.

The surge in activity on platforms like Uniswap and Aave showcases the growing appeal of decentralized finance solutions.