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.

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

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.