DeFi gathering momentum, Ethereum Gas Fees Rising: Why Is Uniswap (UNI) Stuck?
The activity in Decentralized finance (DeFi) on Ethereum is increasing, primarily due to the rise in the network's gas fees in early November, according to Kaiko's data. Despite Uniswap (UNI) leading the revival, UNI's prices remain below $5.6. The average gas fees on Ethereum reached multi-month highs last week, due to high transaction volumes from meme coins. On November 20, the cost of sending a transaction was at 45.13 Gwei, nearly double the price from the previous day. The recently elevated gas fees may suggest a possible market upswing. The total value locked in all DeFi protocols was over $46.6 billion as of November 21, showing an increase from earlier in the month. Despite high gas fees, Ethereum remains a popular platform for deploying DeFi apps.
