Compound

Defi

Uniswap

SushiSwap

In the ongoing market correction, where the overall cryptocurrency industry, especially the AI sector, is undergoing a price correction, Defi tokens have stolen the spotlight from AI cryptocurrencies. On February 24, 2024, according to the on-chain analytic firm Santiment, Defi tokens such as UNI, COMP, SUSHI, and AAVE saw a significant surge in their value.&nbsp; Why Defi tokens price increasing? 
This surge followed a significant proposal on the Uniswap platform to reward those who stake and delegate their tokens, as reported by Santiment. 
Examining the performance of these <a href="https://news.todayq.com/wrapped-tokens-in-defi-good-or-bad-for-crypto-industry/">Defi tokens</a>, Uniswap (UNI), Compound (COMP), SushiSwap (SUSHI), and Aave (AAVE) experienced significant surges in the last 24 hours. UNI gained over 75%, COMP 23%, SUSHI 42%, and AAVE 13%. These gains in Defi tokens during the ongoing price correction mode have garnered attention. 
Analyzing the significant price surge of Uniswap (UNI), it is observed that the main reason behind this surge is a proposal by Uniswap Foundation’s governance lead, Erin Koen, on February 23, 2024. The proposal aims to enhance Uniswap’s governance system and includes incentives for UNI token holders who stake and delegate their tokens. 
The notable price surge in Aave (AAVE) is attributed to the recent announcement that it has introduced its money market protocol on the BNB Chain, contributing to the expansion of DeFi on that blockchain. Furthermore, the price surge in Compound (COMP) and SushiSwap (SUSHI) is driven by ongoing airdrop speculation among crypto enthusiasts. Performance of Defi tokens in the last 24 hours 
Presently, UNI is trading near $12.4, experiencing over 75% upside momentum in the last 24 hours. Over a more extended period, UNI witnessed a 65% upside momentum in the last 7 days and a significant 110% increase in the last 30 days, rising from $5.8 to the current level. 
SUSHI and AAVE are currently trading near $1.8 and $103, respectively. In the last 24 hours, these tokens experienced over 41% and 14% upside momentum. Looking at their performance over a more extended period, SUSHI and AAVE saw over 44% and 10% upside momentum in the last 7 days. 
The significant price surge of these Defi tokens surpasses major cryptocurrencies like Bitcoin, Ethereum, Solana, and Cardano in terms of price performance. 
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Defi tokens steal spotlight from AI crypto, Here’s how

Todayq News

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