Bitcoin found some footing around $60,000 on Friday after this week’s selloff. But the biggest gains came from decentralized finance (DeFi) and the Solana ecosystem.
Leading the advance was the native token of Aave, the largest DeFi lending protocol. It jumped 19% over the past 24 hours. CoinDesk reported Thursday that crypto exchange Kraken is exploring a strategic investment tied to the lending protocol. Kraken is reportedly acquiring a 15% stake at a $385 million valuation.
Aave founder Stani Kulechov pushed back in an X post against the suggestion that Aave assets could be sold at a steep discount. He reiterated that all protocol revenue flows to the Aave DAO. According to him, that revenue is currently running at an annualized $134 million. It ultimately benefits $AAVE token holders under the protocol’s recently adopted “Aave Will Win” framework.
New Token Design Coming
Kulechov also teased “Aavenomics 3.0.” This upcoming overhaul for the token’s design will introduce an automated buyback mechanism. The announcement added to the positive sentiment around Aave.
Solana, the layer-1 blockchain known for its fast speed, also outperformed. SOL climbed nearly 10% on Friday. The broader Solana ecosystem followed suit.
Tokenized Stocks Boost Solana
Trading activity around tokenized stocks continued to accelerate. It topped $2.5 billion in volume through this week. That figure is 10-times larger than a month ago, according to RWA.xyz. The surge gave Solana more than 80% share in tokenized equity trading across all blockchains.
The rise lifted several Solana DeFi tokens, especially those tied to trading infrastructure protocols.
JTO soared 30%. It operates Solana’s largest liquid staking protocol. JTO provides infrastructure that helps validators maximize rewards. It also unveiled a new trading platform last month.
Other Tokens Gain
Tokens of Solana-based decentralized exchanges RAY and Meteora gained about 7%. Lending and liquidity protocol Kamino Finance advanced 9%. The moves suggest that investor interest is returning to specific sectors of the crypto market, even as the broader market remains cautious.
Overall, the market seems to be picking winners based on real usage and upcoming upgrades. Aave’s institutional interest and Solana’s dominance in tokenized assets appear to be driving the current rebound. Whether this momentum holds will depend on bitcoin’s ability to maintain its $60,000 support level.
