During the recovery of the cryptocurrency market, DeFi Tokens have seen double-digit gains.



Sushi, Luna, and Aave, among other DeFi coins, have all risen in value in the previous 24 hours as the broader crypto market recovers.

With Bitcoin back above $50,000 as markets head into the holiday weekend, a number of decentralised finance (DeFi) blue-chip tokens are leading the charge, posting solid gains over the last day.

According to CoinGecko, SUSHI, the governance token of the popular Ethereum-based decentralised exchange (DEX) SushiSwap, is up 12% today, trading at $7.55 as of press time.

In early November, the token plummeted from approximately $13 to below $5 at the start of December, owing to infighting within the protocol's staff, which resulted in the departure of CTO Joseph Delong.

Since then, several proposals for the future governance of the project were introduced, including the onboarding of Daniele Sesta, the person spearheading Frog Nation, a group of DeFi projects including Abracadabra.Money and Wonderland.Money.

SUSHI is still down 10% over the last 30 days, however. But the token has been on an upward trajectory in recent days, surging by an impressive 33% over the last week.

New all-time high for LUNA

Meanwhile, LUNA, the Terra network's native token, appears unstoppable, with a 15 percent gain in the last 24 hours and a new all-time high above $100 earlier today. The coin was trading at $63 just a week ago.

Over the last seven days, the price of LUNA has risen by 54 percent, with growing demand for TerraUSD (UST), Terra's dollar-pegged stablecoin, being one of the driving forces behind such a spectacular rise.

UST flipped DAI to become the industry's fourth-largest stablecoin earlier this week, and more good news came on Friday when the asset started trading on major crypto exchange Binance.

 

Institutions embrace Aave

AAVE, the native token of the industry’s most popular lending and borrowing protocol Aave, is up 13% today, hitting a three-week high above $256, per CoinGecko.

The asset’s latest price action comes hot on the heels of SEBA, a fully-regulated Swiss-based digital bank, putting forth a proposal to get whitelisted on Arc, Aave’s permissionless DeFi platform for institutional investors.

As explained by SEBA, the bank has seen “increasing institutional demand to access DeFi liquidity protocols like Aave over the past months."

"SEBA has a significant interest from its client base to participate in Aave Arc and with its tight connections to money managers in Switzerland and beyond, SEBA is ideally positioned to bridge institutional liquidities in the Aave Arc protocol," reads the proposal.

In other news, Ethereum, the world's second-largest cryptocurrency, is up 4% today, trading at $4,104 as of press time, while the prices of other important assets like Cardano and Solana have risen by 7.9% and 6.6 percent, respectively.

 

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