A relatively recent decentralized exchange (DEX) is gaining traction even amid challenging conditions in the cryptocurrency market, according to the digital asset analytic firm IntoTheBlock.
The company reported that the total market cap of key DEX tokens is currently at $26.6 billion.
“Following a brief uptick earlier this year, the market has now cooled, erasing all YTD (year-to-date) profits.”
IntoTheBlock highlights that Uniswap’s native token, UNI, dominates the space with a 74.93% market cap dominance. However, Aerodrome Finance (AERO) is swiftly gaining traction in the sector, “making significant strides in both market cap and volume,” according to the analytics firm.
Aerodrome Finance is a trading and liquidity platform built on Base, Coinbase’s Ethereum (ETH) layer-2 scaling solution. This project is a fork of Velodrome, a marketplace that originally launched on Optimism (OP), another Ethereum layer-2 solution.
AERO, currently the 147th-ranked crypto asset by market cap, is priced at $0.71, recording an increase of over 16% in the last 24 hours. The token commenced trading in September 2023.
IntoTheBlock also observed that the DEX PancakeSwap (CAKE) “performs remarkably well in terms of volume, illustrating that it remains a top player despite its lower token price.”
CAKE is currently trading at $1.80. It is the 133rd-ranked crypto asset by market cap and has seen an increase of over 2% in the past 24 hours.
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