Today, the world’s leading cryptocurrency exchange, Binance, officially listed Cow Protocol and Cetus Protocol (CETUS) at 12:00 UTC. Both projects are tokens of DEX platforms, with their core functionality centered around AMM DEX. These DeFi applications are essential parts of the Ethereum and MOVE ecosystems, respectively.
What is Cow Protocol?
Cow Protocol is a next-generation AMM protocol designed to optimize liquidity and minimize slippage across any blockchain, enabling permissionless trading.
Cetus Protocol Explained
Cetus Protocol (CETUS) is a leading AMM DEX on SUI and has also been developed on MOVE.
Why Did Binance Choose to List DEX Tokens Now?
A Weak Altcoin Market in the Past Year
Over the past year, the cryptocurrency market has witnessed continued weakness in altcoins, particularly those categorized as “technology coins” and backed by venture capital. While these coins often experience significant short-term growth upon listing, they tend to suffer long-term price declines. To date, altcoins have yet to recover to their Q1 2023 levels.
Continuous Decline of Tech Projects
Prominent examples include Manta, STRK, ENA, and Wormhole—projects that raised hundreds of millions in capital but have seen their token prices drop by over 10 times from their last all-time high (ATH).
High Interest in Memecoins
With the diminishing trust in tech coins, exchanges have increasingly listed memecoins, driven by their popularity and continuous trading volume. Memecoins attract new users, providing the potential for substantial short-term profits. For instance, Popcat surged by 2100% after being listed on Bybit Spot and subsequently on Binance Futures.
Why Late 2024 Is the Ideal Time for Listings
Most projects choose to list their tokens during market recovery and growth phases. In this context, Binance has been nurturing the two DEX projects for a while, waiting for the right time to launch. Notably, no new DEX projects have been listed since the start of 2024. Earlier tokens this year were predominantly from the Layer 2, RWA, Restaking, and meme coin waves. DeFi tokens have become somewhat outdated and less appealing to investors, prompting Binance to select a strategic moment for these listings. Although DEX tokens on Binance Futures have shown some recovery, interest remained subdued over an extended period.
Key AMM DEX and Yield Farming Tokens to Watch
Top AMM DEX Tokens
According to Coingecko, the top-performing AMM DEX tokens include Uniswap, Thorchain, Jupiter, Raydium, Aerodrome Finance, and PancakeSwap.
Top Yield Farming Tokens
Based on Coingecko’s categorization, strong-performing yield farming tokens include AAVE, Yearn.Finance, and Compound. These coins are expected to show more stable growth compared to lower-ranked tokens when the market rebounds.
Conclusion
This report from Unich Analysis provides an overview of DeFi projects, especially AMM DEXs, as we approach the end-of-year bull run in 2024. We hope this article offers valuable insights for readers interested in the current state of the DeFi sector. Stay tuned to Unich Analysis for the latest updates.
