New DEX Makes Waves in Cooling Market

The crypto market might be cooling down, but one new decentralized exchange (DEX) is heating things up.

Aerodrome Finance (AERO) is gaining momentum fast, even though the overall DEX market is seeing a slowdown. According to crypto analytics firm IntoTheBlock, the total market value of major DEX tokens is currently at $26.6 billion. This is a drop from earlier this year, with most DEX tokens losing their year-to-date gains.

Uniswap (UNI) still dominates the market, holding a whopping 74.93% of the market cap. But Aerodrome Finance is making a splash, with its trading volume and market value growing rapidly.

Aerodrome Finance is built on Base, a scaling solution for Ethereum. It’s essentially a copy of Velodrome, another DEX that operates on Optimism, another Ethereum scaling solution. AERO, currently ranked 147th by market cap, is trading at $0.71, up over 16% in the last 24 hours. It started trading in September 2023.

PancakeSwap (CAKE) is also performing well, despite its lower token value.
It’s still a top contender in terms of trading volume. CAKE is currently trading at $1.80, up over 2% in the last 24 hours. It’s currently ranked 133rd by market cap.

While the overall DEX market might be cooling down, it’s clear that Aerodrome Finance is making its mark. It’s worth keeping an eye on this new player in the DEX space.
/p>