One relatively new decentralized exchange (DEX) is gaining momentum despite the bearish conditions in the crypto segment, according to the digital asset analytics firm IntoTheBlock.

The firm notes the total market cap of major DEX tokens currently sits at $26.6 billion.

“After a brief rise earlier this year, the market has cooled down, wiping out any YTD (year-to-date) gains.”

IntoTheBlock notes that Uniswap’s native token, UNI, is the commanding asset in the space, with 74.93% market cap dominance. But Aerodrome Finance (AERO) is rapidly building momentum in the sector, “making waves in both market cap and volume,” according to the analytics firm.

Source: IntoTheBlock/X

Aerodrome Finance is a trading and liquidity marketplace on Base, Coinbase’s Ethereum (ETH) layer-2 scaling solution. The project is a fork of Velodrome, a trading and liquidity marketplace originally launched on Optimism (OP), another Ethereum layer-2 scaler.

AERO, the 147th-ranked crypto asset by market cap, is trading at $0.71, up more than 16% in the past 24 hours. The token started trading in September 2023.

IntoTheBlock also notes that the DEX PancakeSwap (CAKE) “punches above its weight in volume, showing that it’s still a top contender despite its lower token value.”

Source: IntoTheBlock/X

CAKE is trading at $1.80 at time of writing. The 133rd-ranked crypto asset by market cap is up over 2% in the past 24 hours.

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