On the 20th, decentralized finance (DeFi)-related coins are on the rise in the virtual asset market. Arbitrum (ARB) led the way with a gain of more than 8%, while Raydium (RAY), Ether.fi (ETHFI), and Pendle (PENDLE) also joined the rally. However, some tokens such as Aerodrome Finance (AERO) declined, showing divergent price movements even within the DeFi market.

Based on 24-hour price changes and trading volume, Arbitrum's gain was the most pronounced. ARB rose 8.1% with trading volume of approximately $186 million. Arbitrum is a Layer 2 network that improves the transaction processing efficiency of Ethereum. Along with the price increase, the market is also focusing on the upcoming token unlock schedule. Unlocking can affect the circulating supply, but the actual scale of selling and its price impact need to be verified separately.

■ Solana, Restaking, and Yield Trading Tokens Also Rise

Raydium (RAY), a token related to decentralized exchange (DEX) infrastructure in the Solana ecosystem, was also strong. RAY rose 6.7% over 24 hours, with trading volume totaling approximately $45.5 million. This shows that relatively active trading is taking place in Solana-based trading infrastructure assets as well.

Ether.fi (ETHFI), a restaking-related token, rose 5.5% with trading volume of approximately $47.4 million. Restaking is a structure that utilizes staked assets for additional security services and the like, and is one of the sub-sectors of the DeFi market.

Pendle (PENDLE), related to a yield trading protocol, also rose 4.3%, with trading volume of approximately $26.8 million. Although its gain was smaller than those of Arbitrum and Raydium, it was included among market watch targets in that it was accompanied by a certain level of trading.

Morpho (MORPHO), a lending protocol-related token, rose 3.4% with trading volume of approximately $26.8 million. Gainers were also confirmed in the lending sector, but the increase was limited compared to DEX and restaking tokens.

■ Uniswap and Aave Show 'Strength Near Flat'

Uniswap (UNI), a representative DEX-related token, rose 1.6%. While the gain itself was not large, its 24-hour trading volume reached approximately $419 million, making it relatively large in trading volume among the tokens compared this time. Aave (AAVE) recorded approximately $183 million in 24-hour trading volume but fell short of the major gainers in terms of price increase. Whether large lending-related tokens can follow the uptrend in other DeFi sectors is also a point of interest.

Meanwhile, Aerodrome Finance (AERO) fell 6.4% over 24 hours with trading volume of approximately $51.5 million. This is a case showing that prices of DeFi-related assets do not necessarily move in the same direction.

■ Whether the Rally Spreads Across the Market Is Key

As such, gainers are appearing across multiple sectors in the DeFi market, including Ethereum Layer 2, Solana-based DEXs, restaking, and yield trading. However, considering the limited gains in lending tokens and AERO's decline, it is difficult to interpret the situation as the entire DeFi sector rallying in unison.

In CoinMarketCap's DeFi-related categories, ARB, RAY, ETHFI, PENDLE, MORPHO, and CRV are being observed as major gainers. According to CoinGecko, trading liquidity in large DeFi assets such as UNI and AAVE also remains at considerable levels.

Going forward, the market needs to confirm not only short-term gains but also whether trading volume persists. Even with high 24-hour gains, trading could subsequently decrease or price increases could narrow. In addition, schedules that could affect supply, such as Arbitrum's token unlock, and major announcements from individual protocols remain variables. Whether a specific token's rise spreads to the sector as a whole must be confirmed through additional price and trading trends.

The characteristics of the DeFi market on the 20th can be summarized as high gains in some tokens and differentiation among individual tokens. Arbitrum rose more than 8% with Raydium and Ether.fi following, but Aerodrome Finance moved in the opposite direction. Rather than a uniform rise across the market, different trends are emerging depending on individual assets and sub-sectors.

[Prices and trading volumes may vary depending on the exchange and the time of aggregation. Token unlock and individual protocol-related schedules are subject to change, and virtual asset investment carries the risk of principal loss. AI assisted in part with this article.]