Hardcore devotees of decentralized finance (DeFi) woke up today to a long-awaited look at Coingecko’s top 100 ranking by market value: Native tokens for popular DeFi platforms Synthetix and Aave made it into the top 20, an event DeFi observers have been billed as’ The Great Herprize. “

DeFi investors, users and builders have long argued that the industry writing large is vastly undervalued compared to other cryptocurrency projects, given DeFi’s growing user base, protocol fee cash flows, and rising levels of activity compared to Layer 1 networks of “zombie chain” spread across the top of the marketcap rankings.

If the past week is any indication, the broader market seems to have finally woken up to the incongruities. SNX and AAVE are up 40% and 74% this week, both above $ 2.3 billion by market cap and obscuring low-1s like Tezos and Tron.

The relocations follow promising developments for both projects. Aave has a proposal in the works that, if approved by the board, could potentially turn its $ 370 million Safety Module into create an entirely new insurance product line, while Synthetix was supported by the launch of a scaling solution for layer 2.

What’s more, some think this could be just the beginning for DeFi assets when a new “alt szn” arrives.

“While this is an important milestone, it is only the beginning of a trend that we have been talking about for a while,” said José Macedo, partner of Delphi Digital, in an interview with Cointelegraph. “[…] In terms of where this is going, the consumer finance TAM is $ 3.2 tons. We see the value proposition for DeFi as a way to finance what the internet has done with data; transforming financial primitives into “Money Legos” and creating an open ecosystem that allows unauthorized innovation across the stack. ”

It’s a long-term vision that could deliver achievements such as reaching the top 20 based on cryptocurrency rankings might seem like a pittance, but Macedo cautions that the path to achieving such lofty goals won’t necessarily be a smooth one:

While the general direction is clear, it’s worth remembering that you can’t have a huge advantage without volatility. We are undoubtedly in front of a bumpy ride, where regulations are in danger of becoming big and DeFi is declared dead many times.