Top DeFi Tokens: DYDX, RUNE and CAKE Price Analysis

With Bitcoin crossing the $35K level, the altcoins are booming especially the DeFi sectors. The Top DeFi tokens are breaking multiple resistances to give double digit returns over the last week and teases an uptrend continuation. In the last 24 hours, the top DeFi token performers are DYDX, RUNE, and CAKE.

Timeline of Pancakeswap, Dydx, Thorchain

DYDX, the native token of the newly released eponymous chain and decentralized exchange, has risen by more than 20% in the past 24 hours, just 16 days before more than $500 million worth of the tokens will be released to early investors and core team members.

Decentralized exchange (DEX) protocol PancakeSwap (CAKE) is leading the price charge today following its most dramatic price resurgence in recent times. At the time of writing, data from CoinMarketCap pegs the price of the token at $2.60, up by 20% in the past 24 hours, its best price in seven months.

The dYdX Foundation that fosters the popular dYdX decentralized exchange has announced another big milestone as it seeks to migrate away from Ethereum to its own, Cosmos-based blockchain network.

THORChain Price Prediction: Last week, the cryptocurrency market witnessed heightened volatility, with major coins stalling due to overhead supply pressures. Bucking this trend, the RUNE price showcased a significant recovery, underpinned by escalating trading volumes.

dYdX, a significant decentralized exchange (DEX), has officially transitioned from its Ethereum base to launch its native chain. This marks the first instance of a major DEX opting for autonomy by setting up its own native blockchain.

Multichain decentralized exchange PancakeSwap has partnered with DeFi protocol Bril Finance to allow users access to an automated portfolio management tool. The integration will see PancakeSwap users optimize their yield strategies via direct integration with the DEX's position manager.

Decentralized cryptocurrency exchange dYdX has announced the launch of its layer-1 blockchain after the successful creation of its genesis block. The new blockchain will operate using the native DYDX tokens.

Antonio Juliano, dYdX founder, has flagged an upcoming large-scale migration of locked $DYDX tokens to the dYdX Chain following its recent launch. This migration, strictly abiding by legal agreements, marks a significant phase in dYdX's transition to a layer-1 blockchain, amplifying the utility of DYDX tokens for staking and governance purposes.

On October 26, the dYdX Foundation officially pivoted from running an Ethereum layer-2 blockchain to supporting the layer-1 dYdX Chain (DYDX). This move can create more demand for its native token DYDX, which validators are staking to secure the network, and users are spending for the gas fees.

In what is seen to be a monumental move, dYdX, a layer-2 decentralized exchange (DEX), is open-sourcing its code as the platform prepares to implement v4. The exchange has a total value locked (TVL) of over $353 million, according to DeFiLlama.