As 2022 gets underway, the decentralized finance (DeFi) sector of the cryptocurrency ecosystem appears to be gaining momentum in what could be an echo of the bullish market seen in seen in early 2021.
Data from crypto market intelligence firm Messari shows that over the past 30 days, five out of the top 10 DeFi protocols have seen their tokens post double-digit gains. This is in spite of the struggles that Bitcoin has faced, a dynamic that usually places bearish pressure on the wider crypto market.
Top 10 DeFi assets. Source: Messari
A deeper dive into the data shows that Aave (AAVE), Curve (CRV) and Spell Token (SPELL) have outperformed a majority of the field but what’s behind these bullish outbreaks?
In the case of AAVE, the Dec.