· DeFi blue-chip tokens on the rise
· Sushiswap rise due to an NFT sale on Miso
· Aave’s rise due to a yet-to-be-launched project-REDACTED
· Curve’s rise due to 2-layer scaling solution-Arbitrum
Various blue-chip DeFi tokens have seen an upward trend over the past 24 hours. The reason for these surges is varied. Multiple tokens behind top DeFi protocols have experienced over 10% gains in the past day. These include SushiSwap, Aave, and Curve.
DeFi is one of the fastest-growing sectors in the cryptocurrency industry and offers various conventional financial services. These include services like borrowing and lending but eliminates centralized go-betweens like brokers or banks.
The latest spike (15%) in Sushiswap’s native token (SUSHI) is most likely to a recent NFT (non-fungible token) sale on Miso, its token launching platform. The NFT is called “Jay Pegs Auto Mart,” Any interested speculators can buy a DONA reservation token on the Miso platform. These tokens are redeemable for a “2007 Kia Sedona NFT” on 21st September 2021. The DONA token sale has already generated 427.14 ETH, equivalent to $1,451,276.49 at the current prices.
Aave is a crypto borrowing and lending protocol whose platform newsletter and social media handles have been abuzz with a yet-to-be-launched project. The Aave team has dubbed the project as “[REDACTED] protocol” and has hinted it may have more to do with the monetization of social media. FRAX, an algorithmic stable coin, has also added to Aave’s surge by over 15%.
Curve, a DeFi exchange, has launched on a layer-2 scaling solution built for Ethereum-Arbitrum. Curve operations are in batches and settled periodically. This reduces congestion and transaction costs.Kibet Elikana