Original title: SOL rebounds above $200, Aave deposits hit $33.4B record: Finance Redefined
Original author: Zoltan Vardai
Original source: https://cointelegraph.com/
Translation: Daisy, Mars Finance
Due to optimistic expectations among investors regarding Trump's inauguration, new capital flowed into the market, driving Aave deposits to a historical high.
At the beginning of 2025, with the imminent inauguration of US presidential candidate Donald Trump, market sentiment has revived, pushing the price of Solana back above the psychological level of $200, despite the potential $55 million sell pressure from Pump.fun.
Investor sentiment is rising in the broader cryptocurrency space, with expectations for Trump’s upcoming inauguration, while Aave's net deposits have surpassed the historical highs of the 2021 bull market.
The price of Solana rebounded to over $200 after the $55 million SOL sale by Pump.fun.
The price of Solana rose by about 10% to over $200 after a transfer of $55 million from the fee account of Pump.fun to the Kraken cryptocurrency exchange.
After Solana fell to around $189 at about 5 PM UTC on January 1, it began to recover.
Around 6 PM UTC, Pump.fun, as a memecoin launch platform, transferred $55 million worth of SOL to Kraken, causing the price of Solana to start rising.
SOL/USD, 1-hour chart. Source: Cointelegraph/TradingView
According to Solscan data, Pump.fun made two deposits to Kraken on January 1. The first transfer occurred at 4:37 PM UTC, amounting to $22.8 million in SOL; the second transfer occurred at 5:45 PM, amounting to $32.7 million in SOL.
Aave's net deposits reached $33.4 billion, surpassing 2021 levels.
The net deposits of the decentralized finance (DeFi) platform Aave reached $33.4 billion, setting a new historical high for the lending protocol, surpassing levels seen during the 2021 bull market.
The protocol further expanded its influence in 2024, adding support for markets such as BNB Chain, Scroll, ZKsync Era, and Ether.fi.
Aave may add multiple new markets in 2025, depending on community approval, including Sonic, Mantle, Ethereum layer 2 scaling solution Linea, Bitcoin layer 2 solution BOB, Spider Chain, and Aptos.
Following Trump's victory in the US elections on November 5, the total locked value and activity in DeFi surged due to market expectations for a more favorable regulatory environment and supportive cryptocurrency policies.
Digital asset sectors market cap growth in 2024. Source: The TIE Terminal
Solana added $1 billion in stablecoins in December.
According to DefiLlama, Solana added a total of $1 billion in stablecoins in December, mainly in USD Coin (USDC).
These inflows indicate an accelerated adoption of stablecoins, as well as the rise of the Solana network in 2024, particularly in the DeFi space.
Data shows that the total locked value (TVL) of stablecoins currently hosted by Solana is approximately $5 billion, with nearly $4 billion being USDC.
Tether's USDt is the second largest stablecoin on Solana.
Tether's USDt is the second most popular stablecoin on Solana, with a total locked value (TVL) of approximately $1 billion.
Pump.fun's revenue approaches $400 million, despite the slowdown in the memecoin market.
Despite an overall decline in the market cap of meme coins in December, the total revenue of Solana meme coin generation platform Pump.fun has approached $400 million.
Blockchain analysis platform Lookonchain reported that Pump.fun has earned 2,016,391 SOL tokens to date, bringing its total revenue close to $398 million. It has reportedly deposited over $300 million in SOL tokens to Kraken and converted $41 million in USDC.
Pump.fun performed well at the start of the new year, having previously set a historical record in November with decentralized application revenue reaching $106 million, becoming the first Solana DApp to exceed $100 million in revenue in a month.
California man sues three Asian banks for nearly $1 million in 'pig butchering' crypto scam
A California resident filed a lawsuit against three Asian banks for failing to conduct basic verification, which led to him being scammed out of nearly $1 million by crypto fraudsters.
According to a complaint filed in California District Court on December 31, 2024, plaintiff Ken Liem claims he was approached with a cryptocurrency investment opportunity via LinkedIn in June 2023, becoming a victim of a 'pig butchering' scam.
Liem's attorney stated that he was persuaded by the scammers over several months to transfer funds into accounts that the scammers claimed would be invested on his behalf. These funds were transferred to accounts at Fubon Bank and Chong Hing Bank in Hong Kong, as well as DBS Bank in Singapore, and were subsequently moved to third-party accounts.
DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, most of the top 100 cryptocurrencies by market capitalization have shown an upward trend as of this weekend.
Among the top 100, DeXe (DEXE) AI incubator token became this week's biggest winner with a 68% increase, followed by SPX6900 (SPX) token, which rose over 53% this week after being listed on Binance Futures on December 10.
Total value locked in DeFi. Source: DefiLlama
Thank you for reading this week's most important DeFi developments summary. See you next Friday with more news, insights, and knowledge sharing about this fast-evolving field!
