DeFi Poised for Comeback in Crypto Recovery, Led by Uniswap and Aave

• Bernstein expects decentralized finance (DeFi) to make a big comeback in the crypto market recovery, led by applications like Uniswap, Aave, and Maker.

• They note that 6 out of the top 10 revenue-generating protocols are DeFi apps, with sustainable real yields now, unlike last cycle.

• With regulatory clarity, global asset managers could launch DeFi exchange-traded funds (ETFs) and active DeFi funds.

• Uniswap's annualized revenues could cross $1 billion at today's run rate, with a $9.3 billion market cap.

• Ether's rally is due to more than just a potential ETF approval, like its role in DeFi and other factors.