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Here’s why Uniswap, dYdX, Synthetix, CAKE, RUNE are surging

By:
on Feb 24, 2024
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  • Uniswap’s UNI token was the best-performing crypto on Saturday.
  • It jumped after a new proposal to reward UNI stakers and holders.
  • DEX tokens like dYdX, Synthetix, CAKE, and THORChain were among the best performers.

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Decentralised Exchange (DEX) tokens were among the best performers on Saturday. Uniswap (UNI) token soared by more than 70% while dYdX, Synthetix (SNX), PancakeSwap (CAKE), and THORChain (RUNE) soared by more than 30%. DeFi tokens like AAVE and Lido DAO were among the best performers.

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Uniswap’s new governance proposal

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The main reason why these tokens surged is that Uniswap, the biggest DEX in the industry, announced a major governance proposal that could change how decentralised networks operate in the industry.

According to the proposal, Uniswap will change how it rewards its token holders. In this case, the network will transfer its fees to its token holders. This is an important step since Uniswap is the largest DEX in the world, processing billions of dollars worth of transactions every day.

It is also one of the most profitable. According to TokenTerminal, Uniswap generated over $586 million in revenue in the past 12 months. This made it the fifth most profitable blockchain player after Ethereum, Tron, Bitcoin, and Lido Finance. Ethereum made over $2.6 billion in the same period.

UNI vs dYdX vs CAKE vs RUNE

UNI vs dYdX vs CAKE vs RUNE

Why dYdX, PancakeSwap, THORChain jumped

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Therefore, the dYdX, PancakeSwap, and THORChain tokens jumped sharply because they are all big players in the DEX industry. 

According to CMC, dYdX handled over $1.2 billion in crypto transactions in the past 24 hours. PancakeSwap processed tokens worth more than $600 million across its 13 chains while THORChain handled $110 million.

In this case, investors believe that these networks will follow in the footsteps of Uniswap if the proposal passes. In most periods, tokens in the same industry tends to have a close correlation with each other. 

Synthetix is not a decentralised exchange but it plays an important part in the industry. It works with other exchanges to provide liquidity in their ecosystems. Data shows that it has handled over $58 billion in transactions and has over $826 million in total value locked (TVL).

PancakeSwap Synthetix Network Token Uniswap Crypto