Decentralized Finance (DeFi) tokens experienced a significant rally on Nov. 6-7. Several major tokens surged by over 30%. Uniswap (UNI) led the pack, gaining more than 35% to a local high of $9.58. Other tokens, including Lido DAO (LDO), Ethena (ENA), Aave (AAVE), and Maker (MKR), also gained over 20% from their recent lows.
Analysts attribute this surge to expectations that a Trump administration will strengthen the appeal of holding “utility” tokens, according to Charlie Sherry, head of finance and cryptocurrency analysis at BTC Markets.
A Shift in DeFi Token Perception
Historically, DeFi tokens were seen as “useless governance tokens,” mostly used for voting on protocol changes. However, this view is changing. Investors are now betting that these tokens will generate real value through protocol fees.
For example, Aave’s “fee switch” proposal could create intrinsic value for AAVE token holders. Similarly, Uniswap’s new Layer 2 Unichain will direct a portion of its fees toward UNI token-holders, potentially transforming UNI into a utility asset.
Sherry believes that other DeFi projects, like Lido DAO, Ethena, and Maker, may introduce similar mechanisms. These changes could boost their appeal in the market.
Trump’s Victory Sparks Regulatory Optimism
The rally in DeFi tokens coincides with growing “regulatory optimism” following Trump’s election victory. Sherry noted that many DeFi projects hesitated to implement value accrual mechanisms due to concerns about regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC). However, with Trump’s administration on the horizon, and the possible resignation of SEC Chair Gary Gensler, market participants are optimistic about a more favorable regulatory environment for DeFi.
This optimism has driven DeFi token prices higher as traders anticipate favorable regulatory policies for DeFi projects and their tokens.
BlackRock’s Role and Ether’s Price Surge
Additionally, there is speculation that BlackRock may aggressively promote its spot Ether (ETH) exchange-traded fund (ETF) in 2025, which could boost Ether’s price. Ether, currently trading at $2,845, has gained 8.5% in the last 24 hours. Analysts predict it could rise to $3,000 if it exceeds the $2,700 level.
As the market expects a more supportive environment for DeFi and cryptocurrencies under Trump’s leadership, these tokens are likely to remain a key focus for investors seeking growth.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
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