In spite of that exploit, the DeFi ecosystem now has over $34 billion in value locked, with Maker and Aave accounting for $5.89 billion and $5.59 billion. The level of interest in DeFi based offerings has been astronomical, with younger projects such as Alpha Homora and Badger DAO each quickly locking in $1 billion in capital.

The ongoing battle for supremacy between Uniswap and Sushiswap is showing no sign of cooling down and, even with the recent upside, the two protocols continue to trade relatively cheaply to their DeFi peers.

It would also make sense to expect more capital to flow into ETH, and eventually the DeFi product range, as the market matures further and institutional market participants begin to look at Ethereum and its ecosystem as an alternative to Bitcoin,

Thus, even with the current valuations and recent price run ups, the ecosystem looks primed for an aggressive run higher going forward. The mispricing of some assets was particularly evident by the price squeeze endured by 0x. Which, up until recently, has been trading in a very tight range. However, the valuation fundamentally looked out of place relative, especially considering the superb interest in Tokenlon, which is powered by the 0x protocol.

Dogecoin (DOGE) also remains in focus, trading sharply higher as market participants react to on/off Tweets and memes from Elon Musk. At one point, despite a pledge to stay off Twitter for “a while”, Musk shared a Lion King-inspired meme featuring a photoshopped image of himself raising the iconic DOGE shiba inu dog to the sky. He continued with a string of tweets describing the cryptocurrency as the “people’s crypto” adding, “No highs, no lows, only Doge.”