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DeFi Tokens Overtake ETH's Rise as Network Hard Fork Looms

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DeFi Tokens Overtake ETH's Rise as Network Hard Fork Looms

Join us Thursday, August 5th at 10AM PT on Twitter Spaces for a discussion on the upcoming EIP-1559 deployment with Decrypt’s Jeff Benson, ETH 2.0 core engineer Ansgar Dietrichs, and ETH Cat Herders Pooja Ranjan and Hudson Jameson.

ETH (ETH) reached a local high at $2,756 in the early hours on Thursday before slipping down to $2,610 by press time. This still represents a gain of 4.9% over the past 24 hours, and 14.8% in the last seven days.

The last time ETH was trading at these levels was on June 7, according to CoinGecko. Since then its price fell below $1,800 on several occasions; however, for the past two weeks the asset has been rising as the overall crypto market rebounded from the slide that started in mid-May.

By contrast, BTC (BTC) is up .9% in the last day, struggling to break above the $40,000 level last seen on August 1.

The ETH network is bracing itself for a planned hard fork dubbed London—the upgrade is set to happen today at block 12,965,000.

ETH Hard Fork Is Just Hours Away. Here’s What Could Go Wrong

It will introduce five ETH Improvement Proposals (EIPs), including the much-anticipated EIP-1559, which slow down the cryptocurrency’s supply growth and lower overall transaction costs.

DeFi tokens join ETH

Among the last day’s other notable gainers are major tokens from the decentralized finance (DeFi) sector. AAVE, the native token of the lending Aave protocol with $13.85 billion in total value locked (TVL), mounted a rise of 15.3% to reach $360.

COMP, the governance token for the Compound Protocol, has also climbed the charts, soaring by 8.6% in the past 24 hours.

Uniswap’s native token, UNI, is up 7.5% over the last day. Recently, the largest decentralized exchange by trading volume—processing over $1.5 billion in the past 24 hours—faced criticism after removing a number of assets from its platform, including the so-called “stock tokens.”

Notably, all three of these projects are built on ETH. And with fees in DeFi being some of the most costly, the latest spike could be a result of expectations around the upcoming upgrade.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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