DeFi Tokens Post Double-Digit Gains Amid Crypto Market Recovery

Several DeFi tokens including Sushi, Luna, and Aave all surge as the broader crypto market rebounds.

By Anna B Kiwanuka

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With Bitcoin back above $50,000 as markets go into the holiday weekend, a number of decentralized finance (DeFi) blue-chip tokens are leading the charge, making substantial gains over the last day.

According to CoinGecko, SUSHI, the governance token of the popular Ethereum-based decentralized exchange (DEX) SushiSwap, is up 12% today, trading at $7.55 as of press time.

In early November, the token plummeted from approximately $13 to below $5 at the start of December, owing to infighting within the protocol’s staff, which resulted in the departure of CTO Joseph Delong.

Since then, several proposals for the future governance of the project were introduced, including the onboarding of Daniele Sesta, the person spearheading Frog Nation, a group of DeFi projects including Abracadabra.Money and Wonderland.Money

SUSHI, on the other hand, is still down 10% in the last 30 days. However, in recent days, the token has been on the rise, rising by an astonishing 33 percent in the last week.

New all-time high for LUNA

Meanwhile, LUNA, the Terra network’s native token, appears unstoppable, with a 15 percent gain in the last 24 hours and a new all-time high above $100 earlier today. The coin was trading at $63 just a week ago.

Over the previous seven days, the price of LUNA has risen by 54 percent, with increased demand for TerraUSD (UST), Terra’s dollar-pegged stablecoin, being one of the driving causes behind such a dramatic growth.

UST flipped DAI to become the industry’s fourth-largest stablecoin earlier this week, and more good news came on Friday when the asset started trading on major crypto exchange Binance.

Institutions embrace Aave

According to CoinGecko, AAVE, the native token of Aave, the industry’s most popular lending and borrowing protocol, is up 13% today, reaching a three-week high above $256.

SEBA, a fully regulated Swiss-based digital bank, has proposed to be whitelisted on Arc, Aave’s permissionless DeFi platform for institutional investors, prompting the asset’s latest price movement.

SEBA has noticed “growing institutional demand to access DeFi liquidity protocols like Aave in recent months,” according to the bank.

“SEBA’s customer base has expressed strong interest in participating in Aave Arc, and with its close contacts to money managers in Switzerland and beyond, SEBA is perfectly positioned to bridge institutional liquidities in the Aave Arc protocol,” according to the proposal.

In other news, Ethereum, the world’s second-largest cryptocurrency, is up 4% today, trading at $4,104 as of press time, while the prices of other important assets like Cardano and Solana have risen by 7.9% and 6.6 percent, respectively.

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