DeFi Tokens Lido, Aave, Curve Post Whopping Weekly Gains Amid Crypto Market Recovery

As the wider crypto market shows signs of recovery, several blue-chip decentralized finance (DeFi) tokens recorded strong gains over the last week.

Notably, LDO, the native token of the liquid staking platform Lido Finance, is up an incredible 161% over the past seven days, and is currently trading at a nine-week high of $1.59, per CoinMarketCap. LDO is currently up just 0.13% in the past 24 hours.

The platform’s recent announcement to expand into various layer-2 scaling solutions for the Ethereum network had a short-lived positive impact on the token’s price, which is still about 80% down from its all-time high of $18.62 recorded in August last year.

AAVE, the native token of the popular cryptocurrency lending platform Aave, has surged 46.4% over the week and is currently trading at roughly a two-month high of just over $100, according to data from CoinMarketCap.

AAVE is also up 4.8% in the last day, perhaps still riding the bullish effects of the platform’s recently proposed plan for launching its own collateralized stablecoin.

DeFi Giant Aave Wants to Launch Its Own Stablecoin

DeFi protocol Aave is planning to launch its very own stablecoin, the project’s founder announced today.  “We have created an ARC [Aave request for comments] for a new decentralized, collateral-backed stablecoin, native to the Aave ecosystem, known as GHO,” the announcement posted on Twitter by Aave founder Stani Kulechov read.  This means Aave's proposal for a new stablecoin is now in the hands of its DAO—its community of AAVE token holders that vote on decisions that affect the protocol's futu...

Curve, Thorchain join bullish DeFi trend

CRV, the token powering the decentralized exchange Curve, has also shown strong weekly gains as it rallied almost 41.5% over the span.

Similar to Lido and Aave tokens, CRV is now changing hands at its nine-week high of $1.28. The token has also seen positive price movement over the past 24 hours soaring by almost 9.6%, per CoinMarketCap.

Other projects making notable strides include RUNE, the cryptocurrency powering Thorchain, a Cosmos-based cross-chain platform for swapping tokens, which is up 11.7% over the past 24 hours and 40% over the week, as well as Uniswap and Fantom’s FTM with weekly gains of about 32% and 37%, respectively.

Ethereum, the second-largest cryptocurrency by market cap, is meanwhile up 5.4% in the last day and 45% over the week.

ETH recaptured the $1,600 level earlier on Tuesday before backtracking to $1,558 by press time.