Aave led decentralized finance gains on Tuesday, rising 11% after speculation that a token burn mechanism could be included in the protocol's upcoming Aavenomics upgrade. Founder Stani Kulechov's comments about the potential change fueled the buying interest.
The DeFi Select Index gained 5.0% since midnight UTC, with Curve DAO token also advancing 5.2%. The broader crypto market showed resilience, with the CoinDesk 100 index adding 0.89% to 1,904.49, and 72 of 100 constituents trading higher.
Bitcoin recovered Monday's losses to trade at $84,170, up 0.82% since midnight UTC and 1.4% over 24 hours. The cryptocurrency's gains came despite persistent headwinds in traditional markets, where elevated Treasury yields have pressured risk assets.
The 10-year Treasury yield remained at 5.234%, while the 30-year stood at 5.549%, near 2004 highs. U.S. stocks fell for a second consecutive session on Monday, with the Dow dropping more than 300 points and both the S&P 500 and Nasdaq Composite declining around 0.8% to 0.9%.
Privacy tokens bucked the broader rally, with Zcash tumbling 4.1% and Dash dropping 6.4%, as Zcash extended a retreat that has left it roughly 13% below Friday's levels.
Among other notable performers, Chainlink jumped 14% over 24 hours, while Internet Computer and Avalanche recovered ground lost in the prior session. Quant resumed its upward run with a 17% advance to $269.58.
