DeFi resurgence lifts Maker, Aave and Compound price to new highs
May 3, 2021. Summarized by summa-bot.
Compression ratio: 24.7%. 1 min read.
As Ethereum rallied to new highs, the total value locked in multiple DeFi platforms surged above $10 billion, lifting MKR, AAVE and COMP toward new all-time highs.
The month of April saw the total value locked on Maker (MKR), Aave (AAVE) and Compound (COMP) climb to new highs alongside rising token values and trading volumes.
Data from DappRadar shows that the total value locked (TVL) on the Maker platform has climbed higher throughout the month of April and now stands at $11. 09 billion, making it the number one ranked Ethereum-based DeFi platform in terms of TVL.
A rally in the price of Polygon and the rapid growth of its QuickSwap DEX coincided with a sharp increase in the TVL of the AAVE protocol, which now stands at $10. 56 billion according to data from DappRadar.
According to data from DappRadar, the TVL on the Compound protocol actually surpassed the $11 billion level in mid-April before a downturn in the overall market caused a drop off in prices resulting in a rapid decline in the value of assets locked on the platform.