DeFi Tokens Surge After Trump Victory Officially Confirmed

DeFi Tokens Surge After Trump Victory Officially Confirmed

Following Donald Trump’s US election win, DeFi tokens like Aave and Uniswap made strong gains, with Aave up over 24% and Uniswap up 30%. Trump’s victory, seen as crypto-positive, helped market sentiment, pushing the total global crypto market cap up by 6% to $2.57 trillion.

Speculation around Aave is partly tied to its potential integration with World Liberty Financial, which aims to contribute fees and tokens to AaveDAO. Other DeFi projects, including Lido, Maker, and Compound rose by 32%, 21%, and 9% respectively, benefiting from the election-driven momentum.

The total trading volume for the day reached $580 billion, with Bitcoin trading at $74,300, and the GMCI 30 index up 8.9%. The global surge highlights heightened demand for DeFi assets as institutional interest and market sentiment align favorably with pro-crypto political shifts.

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Polymarket Faces Potential Ban in France Post-Election

Polymarket’s large election betting volume, topping $3.5 billion, has drawn regulatory scrutiny from France’s National Gaming Authority (ANJ). This review intensified after a French trader reportedly earned $50 million betting on Trump’s victory. Citing gambling laws, the ANJ is exploring a ban and may restrict access by blocking Polymarket’s domain within France.

Polymarket has previously faced US regulatory challenges, and the Commodity Futures Trading Commission (CFTC) began investigating the platform in 2021. Despite regulatory issues, Polymarket’s decentralized setup allows crypto wagers without intermediary compliance, with $294 million in bets placed on Election Day.

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Arkham to Launch Crypto Perpetual Futures Exchange

Blockchain analytics firm Arkham Research announced the upcoming launch of an exchange for perpetual futures. The exchange, featuring live on-chain auditing and proof-of-reserves, integrates with Arkham’s data tools used for crypto transaction tracking. Set to launch next week, Arkham’s exchange targets traders seeking transparency and will be restricted in certain jurisdictions, including the US.

Crypto futures exchanges, or perps, offer traders leverage without expiration dates and are popular in crypto markets. Arkham has gained notable backing from investors like Peter Thiel and OpenAI CEO Sam Altman.

Its native token, ARKM, rose 24% recently, supported by interest following Trump’s victory and market anticipation surrounding Arkham’s unique data-driven trading offerings.

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Pro-Crypto Wins in Congress Fuel Industry Optimism

Donald Trump’s re-election and Republican gains across Congress aren't the only good news for the industry. With 247 pro-crypto candidates elected in the House and a crypto-friendly Senate majority, industry advocates anticipate progress on regulatory clarity. Coinbase CEO Brian Armstrong called it a landmark moment, with new legislative possibilities from a crypto-favorable Congress.

Trump’s promises include supporting Bitcoin reserves and opposing a central bank digital currency, both seen as favorable to the crypto sector. The defeat of crypto opponent Sen. Sherrod Brown further boosts confidence among crypto advocates.

Analysts anticipate heightened market volatility as crypto markets respond to the new political paradigm that we are about to have in the next four years.

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Data of the Day

Pump.fun achieved a record monthly revenue of $30.5 million in October. Driven by “AI-endorsed” tokens, the platform saw increased interest in tokens like Goatseus Maximus (GOAT), valued at $920 million at its peak. October’s surge also brought the end of a two-month decline, with interest in AI-linked tokens lifting meme coins popularity.

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More Breaking News

• BlackRock’s IBIT Bitcoin ETF hit $1 billion trading volume within 20 minutes, following Trump’s US election win, signaling high investor demand.
• JP Morgan rebrands its blockchain-based platform to Kinexys, preparing to launch foreign exchange services for an expanding global client base.
• Wintermute proposes Ethena’s protocol revenue be partially allocated to staked ENA holders, aligning sENA holder benefits with Ethena’s growth.
• FTX co-founder Gary Wang requests no prison time, citing full cooperation with authorities and financial reliance of his family.
• BNB Chain launched a streamlined, no-code asset tokenization service for individuals and businesses, simplifying securitization and onchain asset minting.

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