DeFi tokens surge after Trump's victory is officially confirmed
DeFi tokens such as Aave and Uniswap have seen strong gains since Donald Trump won the US election, with Aave up more than 24% and Uniswap up 30%. Trump’s victory was seen as a positive for cryptocurrencies, helping market sentiment and pushing the total global cryptocurrency market capitalization up 6% to $2.57 trillion.
Part of the speculation surrounding Aave is related to its potential integration with World Liberty Financial, which is intended to contribute fees and tokens to the AaveDAO. Other DeFi projects, including Lido, Maker, and Compound, rose 32%, 21%, and 9%, respectively, benefiting from the momentum driven by the election.
Total trading volume for the day reached $580 billion, with Bitcoin trading at $74,300 and the GMCI 30 index up 8.9%. The surge in global trading volumes highlights the increased demand for DeFi assets as institutional interest and market sentiment align with the political shift in favor of cryptocurrencies.
Polymarket could face ban after French election
Polymarket’s election betting volume of $3.5 billion has drawn regulatory scrutiny from France’s National Gaming Authority (ANJ). Scrutiny has intensified after a French trader reportedly made $50 million betting on Trump’s victory. Citing gambling law, the ANJ is looking into a ban and may restrict access by blocking Polymarket’s domain name within France.
Polymarket has faced regulatory challenges in the United States before, with the Commodity Futures Trading Commission (CFTC) beginning an investigation into the platform in 2021. Despite regulatory issues, Polymarket’s decentralized setup allows for cryptocurrency betting without the need to comply with intermediary regulations, and saw $294 million in bets placed on Election Day alone.
Arkham to Launch Crypto Perpetual Futures Exchange
Blockchain analytics firm Arkham Research has announced the upcoming launch of a perpetual futures exchange. The exchange features real-time on-chain auditing and proof of reserves, integrated with Arkham’s data tools for cryptocurrency transaction tracking. Arkham’s exchange, which will launch next week, is targeted at traders seeking transparency and will be restricted in certain jurisdictions, including the United States.
Cryptocurrency futures exchanges, or perps, offer traders leverage with no expiration date and are popular in the cryptocurrency market. Arkham has strong backing from investors including Peter Thiel and OpenAI CEO Sam Altman.
Its native token, ARKM, recently gained 24%, supported by market interest and anticipation for Arkham’s unique data-driven trading product following Trump’s victory.
US Congressional support for cryptocurrencies boosts industry optimism
Donald Trump's reelection and Republican gains in Congress aren't the only good news for the industry. With 247 pro-crypto candidates elected to the House of Representatives and a crypto-friendly Senate majority, industry advocates expect progress in regulatory clarity. Coinbase CEO Brian Armstrong called it a landmark moment, saying a crypto-friendly Congress would bring new legislative possibilities.
Trump’s promises, including support for Bitcoin reserves and opposition to central bank digital currencies, are both seen as positive for the cryptocurrency industry. The defeat of cryptocurrency opponent Senator Sherrod Brown further bolstered the confidence of cryptocurrency advocates.
Analysts expect volatility to increase as the cryptocurrency market reacts to the new political paradigm that will emerge over the next four years.
Daily data
Pump.fun hit a record monthly revenue of $30.5 million in October. Driven by “AI endorsement” tokens, the platform saw a surge in interest in tokens such as Goatseus Maximus (GOAT), which peaked at $920 million. The October surge also ended two consecutive months of declines, as interest in AI-related tokens boosted the popularity of commemorative coins.
News Hotspot
After Trump won the US election, BlackRock's IBIT Bitcoin ETF's trading volume exceeded $1 billion in just 20 minutes, showing strong demand from investors.
JPMorgan Chase has rebranded its blockchain platform as Kinexys, with plans to offer foreign exchange services to its growing global client base.
Wintermute suggested distributing revenue from part of the Ethena protocol to ENA holders to ensure that the interests of sENA holders are aligned with the development of Ethena.
FTX co-founder Gary Wang applied to the court for exemption from imprisonment because he fully cooperated with the authorities and his family was highly dependent on him financially.
BNB Chain has launched a codeless asset tokenization service for individuals and businesses, simplifying the securitization process and the minting of on-chain assets.
