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Decentralized Finance (DeFi) tokens have experienced an impressive surge in a stunning turn of events. Tokens such as Aave (AAVE) surged by over 24%, and Uniswap’s UNI climbed a remarkable 30% in just 24 hours.
This surge comes amid the broader market shift following Donald Trump’s unexpected victory in the U.S. Presidential election. His return to the political stage has had rippling effects not only on traditional markets. However, within the cryptocurrency space, DeFi tokens are among the biggest beneficiaries.
Aave’s Surge Linked to Trump-Backed Partnership
Aave’s impressive rally has captured the attention of the crypto community. Many speculate its sharp rise is tied to a significant partnership with World Liberty Financial (WLFI). This project is closely linked to Trump’s political circle.
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On October 9, WLFI presented a proposal to AaveDAO. The Trump-backed crypto project asked for approval to integrate its platform as an instance on Aave V3, the latest version of Aave’s decentralized lending protocol. This proposed integration is not just about the technical side of connecting platforms but includes a financial and governance element.
Specifically, the proposal suggests sharing 20% of the platform’s transaction fees with AaveDAO. In addition, AaveDAO would receive 7% of WLFI’s governance token supply. The deal strengthens the partnership by giving AaveDAO a share of the revenue and a stake in WLFI’s governance, increasing AaveDAO’s influence over the platform’s decision-making.
Uniswap Joins the Rally: The Broader DeFi Surge
Uniswap, a leading decentralized exchange (DEX), has benefited from the market shift. The platform saw a 30% price jump in the last 24 hours. This reflects a broader positive sentiment within the DeFi space amid U.S. political developments that could impact crypto regulation.
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Other major DeFi platforms, such as Maker, Compound, and Lido, also posted strong gains. This signals a shift toward stability and momentum in the DeFi ecosystem as the broader crypto market adapts to political changes.
As Aave, Uniswap, and other DeFi platforms surge, decentralized finance solidifies its role in the global financial landscape. With their open, borderless services, DeFi platforms are well-positioned to thrive amid regulatory uncertainty and political change.
The Market Impact: A $2.57 Trillion Crypto Ecosystem
The immediate market response to Trump’s political shift has been explosive. Today, the global crypto market capitalization is about $2.57 trillion, a 6% increase in the last 24 hours. Bitcoin remains dominant with a 56.8% market share, trading around $74,300, while Ethereum (ETH) maintains a steady 12.3% dominance.
Meanwhile, the GMCI 30 index, tracking the top 30 cryptocurrencies, rose by 8.9%, signaling strong market momentum.
