Decentralized finance-linked tokens are on the rise as the top 20 assets posted 5% to 20% growth in the past 24 hours, sparking talks of a DeFi summer.
According to Coingecko data, the biggest winner is The Graph, which is up more than 19% over this period. The DeFi protocol has seen its value increase by more than 22% in the last seven days and by more than 30% in the last 30 days, making it one of the top performers in the just recovering market.
Other top DeFi performers in the past 24 hours include PanCakeSwap, Curve Dao, and Chainlink, which grew more than 17%, respectively.
Popular tokens in the space like Uniswap, Aave, Lido Dao, Maker also rose 3% to 8% respectively.
According to 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 in the last 24 hours is also about $10 billion.
Is DeFi Summer Here?
A tweet from LilMoonLambo on July 19 implied that DeFi Summer is happening again.
The DeFi summer of 2020 had seen the value of decentralized exchange tokens like UNI and Sushi, and other tokens like COMP and others soar to new heights.
It is widely believed that the DeFi summer played a role in bringing the space to a wider audience.
However, some analysts believe it could be too early to judge whether DeFi Summer is here, given the recent performance of the overall crypto industry.
Analysts also point to the current macroeconomic situation that LED the US in a technical recession and the growing inflation around the world.
Meanwhile, investors can hold onto their hopes for space as Ethereum’s highly anticipated to merge is scheduled for September. This event could give a further boost to the crypto space.