The Aave Blue chip DEFI token records a 30% rise in value over the past day amid the flurry of new developments as we can see in our latest cryptocurrency news.
Aave as the governance token that underpins the protocol increased by more than 30% in the past day. This puts the token at 5 according to the data from CoinMarketCap and the token like a lot of other tokens in the DEFI space is used to vote on updates to the protocol and to take part in the Aave governance measure.
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The latest price move came in the wake of the protocol’s upgrade and the rise in interest from larger financial institutions.
1/ Aave V3 is here! 👻
The most powerful version of the Aave Protocol to date, V3 brings groundbreaking new features than span from increased capital efficiency to enhanced decentralization. Read what's new in V3 in the thread below👇or visit https://t.co/H3jTyKRqNs to dive in! pic.twitter.com/LXzn7660nA
— Aave (@AaveAave) March 16, 2022
Launched onMarch 16, Aave V3 added cross-chain capabilities and reduced the gas costs of interacting with the market. The Aave blue-chip DEFI token was trading at $121 at the time and marked the start of a continued upward turned. The price is still more than 66% away from the ATH of $666 that was set in 2021. Brazil’s central bank included Aave in the list of partners to build a central bank digital currency and was joined by Mercado Bitcoin, Santander Brazil, Unibanco, and Visa de Brasil.
Aave launched in 2017 under the name ETHLend before rebranding a year later and in that time it became one of the biggest DEFI protocols on the market which allows user to lend and borrow different cryptocurrencies. The returns depend on the market’s supply and the demand for the tokens. This means that the number of interest users can earn on the DAI stablecoin for example depends on how many users want to borrow DAI. Today, you can earn 1.83% interest on DAI while it costs 3.2% to borrow the token. The DEFI centric data dashboard shows that Aave’s total value locked increased by 11.38% over the past week with the total value locked referring to the total amount of money inside the protocol.
The total amount of money on all integrated networks is set at $22.93 billion which makes Aave the biggest defi protocol in the sector. Curve, on the other hand, is second with $22.2 billion followed by Lido which is third with $18.74 billion. Including every DEFI project on all networks there’s $283 billion in the entire ecosystem while last year the figure was $85 billion.
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