Ethereum DeFi TVL hits 2-year high as activity on platforms like Uniswap, Aave soars

Ethereum’s DeFi sector is experiencing a revival, fueled by renewed market enthusiasm following Donald Trump’s election victory.

The total value locked (TVL) in Ethereum’s DeFi ecosystem has surged past $80 billion, marking its highest level in over two years.

These numbers come as key players like Aave and Uniswap have also achieved significant milestones during this bullish wave. Their rising activity highlights the increasing appeal of DeFi solutions as investors and users flock to platforms that offer innovative financial tools and opportunities.

Record volume

Uniswap has set a new record for monthly trading volume on Ethereum layer-2 networks, reaching $38 billion in November — a 50% jump from October’s $20.32 billion.

Data from Dune Analytics reveals that Arbitrum contributed the lion’s share with $19.5 billion. It is followed by Base with $9.19 billion and Polygon at $4.33 billion.

In a Nov. 27 social media post, Uniswap Labs, the development team behind the platform, stated:

“Onchain history is being made. New all-time high for monthly L2 volume on the Uniswap Protocol.”

Meanwhile, this achievement coincides with a significant rise in the price of Uniswap’s native UNI token. According to CryptoSlate’s data, the digital asset was up 10% over the last 24 hours, pushing its price to $12.84.

Adding to the excitement, Uniswap announced a $15.5 million bug bounty program, the largest in DeFi’s history, to secure its upcoming v4 protocol. The platform said:

“Over 500 researchers [had] participated in a $2.35 million security competition, and no critical vulnerabilities were found. As deployment approaches, we’re taking an extra step to ensure v4 is as secure as possible with the $15.5 million bug bounty.”

Aave hits new highs

Aave, the largest DeFi lending platform, has also reached a historic milestone.

According to DeFiLlama, deposits on the platform have surged to $33 billion, representing a 230% increase since the start of the year.

If Aave were a US bank, this figure places Aave among the top 1.4% in deposits, surpassing notable institutions like SoFi.

Stani Kulechov, Aave’s founder and CEO, highlighted this progress as the start of a financial revolution driven by decentralized platforms.

Meanwhile, the platform’s growth is also reflected in the performance of its native token, AAVE, which has climbed 112% in 2024. According to CryptoSlate’s data, the token recently hit a yearly high of $210 before settling at $200 as of press time.

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