Market Data 
- Jupiter surpassed Uniswap in daily trading volume, driven by a surge in memecoins and upcoming governance token airdrops.
- Aerodrome Finance became Base’s leading liquidity hub, achieving over 55% of token swaps and a remarkable annualized revenue of $192 million.
- Ethena Finance introduced a synthetic dollar, USDe, attracting interest alongside the governance token ENA, valued at a revenue multiple of 42x.
Five standout tokens—JUP, AERO, ENA, LDO, and RAY—dominated the decentralized finance (DeFi) sector in the third quarter of 2024. These coins belong to some of the most innovative decentralized exchanges (DEXs) and protocols, contributing to significant growth in DeFi markets.
Jupiter(JUP) Governance Token Drives Adoption
Current price:$0.9227
Market cap:$1.25B
Jupiter’s governance token(JUP) has quickly found its place in the Solana ecosystem. When Jupiter surged to the first position of DEXs by daily trading volume, leaving behind Uniswap, the demand for JUP increased. The upcoming airdrop of the JUP token is expected to happen in January 2024, keeping the platform relevant and interesting to users and liquidity providers. Moreover, Jupiter’s range of products, including Limit Orders and Perpetuals Trading, is poised to increase JUP’s utility and value further.
Aerodrome Finance(AERO): Revolutionizing Liquidity on Base
Current price:$1.29
Market cap:$854.21M
The governance token of Aerodrome Finance has been a remarkable performer in 2024, posting gains of over 1,300% since its February launch. As the central liquidity hub for the Base network, Aerodrome handles more than 55% of token swaps on the platform, making AERO a critical player in DeFi liquidity. The token’s success is closely tied to Aerodrome’s vote-lock governance model and attractive liquidity provider incentives, which have attracted substantial liquidity and boosted the platform’s revenue, valued at $192 million in Q3.
Ethena Finance(ENA) Synthetic Dollar Boosts Demand
Current price:$0.402
Market cap:$1.10B
Ethena Finance’s governance token, ENA, has benefited from the rising adoption of its synthetic dollar, USDe. Ethena’s innovative delta-neutral strategy to maintain USDe’s peg has drawn widespread attention. As more users recognize the potential of USDe and the platform’s decentralized governance, ENA has gained traction. By the end of Q3 2024, the ENA token achieved a revenue multiple of 42x, showcasing market confidence in the protocol’s future.
Lido DAO( LDO) Staking Solution for Ethereum
Current price:$1.18
Market cap:$1.06B
The staking token LDO still resides in Lido DAO and plays a major role in Ethereum. Lido offers a liquid staking solution where users can stake their ETH and get stETH tokens that remain liquid for users who want to stake but also want to maintain liquidity. LDO plays an important role in managing Lido DAO since the token holders make crucial decisions regarding protocol upgrades and the inclusion of new projects. However, the recent shutdown of Solana staking will not affect the need for LDO as the Ethereum ecosystem grows with other decentralized staking programs.
Raydium(RAY) Role in Solana’s Growth
Current price:$2.32
Market cap:$611.04M
RAY, the native token of Raydium, has become an important participant in the Solana ecosystem. As the Serum DEX’s AMM, Raydium allows RAY tokens to be staked, have voting privileges, and gain allocations to new DEX listings. In Q3 2024, Raydium fared well due to Solana, which again witnessed a hike in its memecoin transactions. The platform achieved a 90-day annualized revenue of $62 million, which makes RAY one of the best tokens in the DeFi market.
Conclusion
These five tokens—JUP, AERO, ENA, LDO, and RAY—represent the diverse opportunities within the DeFi space. All these tokens are essential in such platforms and contribute to the increased usage of decentralized finances. They are the tokens that will likely continue to be key drivers as the DeFi fields grow and gain adoption.
