These past weeks have seen ETH rising to its highest while the other DeFi names chose to follow in its stead. Several top DeFi projects surged high after the announcement of a local July 13. Uniswap rose 37.5% in five days, while Aave increased 47%.
This surge succeeded a catastrophic second quarter for crypto and DeFi, with the sector losing two-thirds of its market value since early April. Therefore the value of assets in DeFi projects has melted away, falling by 65% to $83.1B.
However, ETH has unexpectedly surged 10% in the last 24 hours in mid-day trading U.K. time and 45% since bottoming out on July 13, according to CoinGecko. While ETH spent the past three weeks hovering around the $1,000 and $1,300 range, on July 16, it broke through $1,300 and this. On the other hand, BTC increased by 4.6% in the last 24 hours and 17% in the last five days. Despite the buoyant drive for DeFi tokens, the total value locked (TVL) in DeFi delivered a weaker recovery, with combined TVL up by 15% over the same period at $83.1B, according to DeFi Llama.
Ethereum-based DeFi deals are currently surpassing, shooting up the sector’s average, increasing TVL by more than 18% from the local low on July 13. Ethereum now represents $52.6B in TVL, equal to 58% of the combined TVL.