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Glassnode Report: Maker and Compound Tokens Leading DeFi Resurgence on Ethereum Ecosystem

According to blockchain analytics firm Glassnode, two coins from the Ethereum ecosystem, Maker (MKR) and Compound (COMP), are driving a new resurgence in decentralized finance (DeFi). Glassnode's DeFi index, consisting of the eight largest DeFi tokens by market cap, has outperformed Ethereum for the first time since September 2022, with MKR and COMP leading the trend.

The strong performance of the two altcoins may be linked to recent fundamental developments, such as Compound's founder and CEO announcing his departure and the launch of a new project, and MakerDAO activating its Smart Burn Engine. Additionally, there has been a resurgence in decentralized exchanges (DEXes), with a surge in market share versus centralized counterparts.

Ethereum Ethereum $3,120.06
+0.61%
Decentralized Finance
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