As Uniswap Foundation’s governance lead Erin Koen submits a proposal to partially redistribute Uniswap (UNI) revenue between UNI stakers and delegators, communities of other top-tier DEXes turned bullish. Despite the pale performance of crypto markets, DeFi governance tokens are soaring.
DYDX jumps by 36%, SNX and AAVE following: DeFi summer?
Today, on Feb. 24, 2024, all governance tokens of the largest decentralized finance protocols (DeFis) are outperforming the market’s benchmark. DYDX, the core asset of the eponymous protocol, soared from $2.87 to almost $4 in an inspiring 36% jump. DYDX managed to set a new three-month price high for the Ethereum-based version and a historic record for the token launched on the native blockchain.
By printing time, the DYDX price slightly retraced to $3.68 on major centralized and decentralized exchanges.
In two waves, SUSHI, the governance token of major Uniswap (UNI) competitor Sushi, increased its price by almost 50% and returned to pre-FTX collapse levels of early November 2022.
Other similar tokens, like Aave Finance’s AAVE and Synthetix’s SNX, demonstrated a 13-15% increase overnight. The aggregated crypto capitalization only added 0.2% in the last 24 hours.
Outside the Ethereum DeFi scene, Avalanche-based protocols Pangolin and Trader Joe and Solana’s Orca witnessed similar processes for their PNG and JOE assets.
DYDX generates even more revenue, VC vet says
As U.Today previously covered, the rally in the DeFi cryptos category was triggered by Uniswap’s proposal to redistribute fees partially between UNI stakers and delegators.
In no time, the UNI price jumped by 70% on major exchanges.
Meanwhile, for some experts, dYdX prospects look even more attractive. DeFiance Capital founder Arthur Cheong announced that the protocol already generates more revenue for DYDX stakers.
As such, 20% APY is not the endgame target for the protocol, the top VC concludes.