Decentralized finance-linked tokens are on a green rampage as the top 20 assets have recorded growth between 5% to 20% within the last 24 hours, prompting talks of a DeFi summer.
According to Coingecko data, the top gainer is The Graph which rose by over 19% within this period. The DeFi protocol has seen its value rise by over 22% in the last seven dags and by over 30% in the last 30 days -making it one of the top performers in the just recovering market.
Other top DeFi performers within the last 24 hours include PanCakeSwap, Curve Dao, and Chainlink which grew by over 17%, respectively.
Popular tokens in the space like Uniswap, Aave, Lido Dao, Maker also rose by 3% to 8%, respectively.
Per the data, the market cap of the space is currently over $50 billion which is almost a quarter of Ethereum’s $208 billion market cap. Apart from that, the space’s trading volume within the last 24 hours is also around $10 billion.
Is the DeFi Summer Here?
A tweet from LilMoonLambo on July 19 implied that the DeFi summer is happening again.
2020’s DeFi summer had seen the value of decentralized exchange tokens like UNI and Sushi, and other tokens like COMP and others move to new highs.
It is widely believed that the DeFi summer played a role in helping to push the space to a wider audience.
However, some analysts have opined that it could be too early to judge if DeFi summer is here considering the recent performance of the overall crypto industry.
Meanwhile, investors can retain their hopes in the space as Ethereum’s highly anticipated merge is slated for September. This event could further usher in a boost for the crypto space.