This DEX is Making Strides, Despite Recent Crypto Market Downturn

A relatively new decentralized exchange (DEX) is making significant strides, according to digital asset analytics firm IntoTheBlock.

Currently, the combined market cap of major DEX tokens is valued at $26.6 billion. Although the market experienced a temporary boost earlier this year, it has since cooled, erasing earlier gains.

IntoTheBlock highlights Uniswap’s UNI token as the dominant force in this space, holding a commanding 74.93% market cap share. However, Aerodrome Finance (AERO) is quickly gaining traction, making notable progress in both market cap and trading volume.

Aerodrome Finance operates on Base, a layer-2 scaling solution for Ethereum developed by Coinbase. It’s a derivative of Velodrome, which was originally established on Optimism, another Ethereum layer-2 protocol. Since its launch in September 2023, AERO, currently ranked 147th by market cap, has seen its price increase by over 16% in the last 24 hours, trading at $0.71.

Additionally, IntoTheBlock points out that PancakeSwap (CAKE) continues to perform strongly in terms of trading volume, proving its significance despite its lower token valuation.