DeFi Tokens to Watch: Uniswap, Aave, Sky, Ethena, Morpho
Decentralized finance (DeFi) tokens continue to play a significant role in the crypto space. A recent comparison of top DeFi tokens for 2026 highlights five key projects: Uniswap, Aave, Sky, Ethena, and Morpho. Each token addresses a different problem, from swapping tokens to issuing synthetic dollars.
Uniswap's governance proposal, dubbed 'UNIfication,' has led to a sharp increase in the price of its native token UNI. The proposal activated a long-debated fee switch on Uniswap v2 and select v3 pools, directing a portion of swap fees toward buybacks and burns instead of only liquidity providers.
Aave is another prominent DeFi protocol, with its governance and staking token AAVE holding the largest share of DeFi lending by total value locked. The protocol's V4 hub-and-spoke architecture was activated on Ethereum in March 2026, expanding from an initial guarded launch to over $200 million in deposits by June.
Sky, the rebranded MakerDAO, issues USDS, a decentralized stablecoin that pays a variable yield called the Sky Savings Rate. The token has seen significant adoption, with combined DAI and USDS supply running into the double-digit billions.