Aave’s LEND native token set new highs against Bitcoin thanks to the major investment partners of the recent partnerships the poplar ETH-based DeFi protocol made. In our best cryptocurrency news sites, we have today, the analysis of the LEND token and its parabolic upswing upon the rollout of multiple initiatives.
According to the announcement earlier today, Aave explained that Three Arrows Capital and Framework Ventures purchased a total of $3 million LEND tokens to help fund the expansion of the protocol. The tokens are now worth $7 million thanks to the massive bull run of the token and today’s news also helped push the token even further, reaching new highs against the Bitcoin trading pair. Like most of the DeFi protocols, Lend saw some notable upside over 2020 and started the year at $0.015. Since then, the parabolic momentum sent the price to the current price of $0.26, marking an increase of more than 1600 percent.
This price movement marks one of the best performing digital assets of the year and the vast majority of these gains came in the period of the past two months as its uptrend turned parabolic back in June. LEND’s token remained down from the early 2017 high of $0.40 but it was also able to set a new all-time high against its BTC trading pair. Aave noted that Three Arrows Capital and Framework Ventures participated with a $3 million fundraising and bought the tokens at a $0.10 cost basis.
They explained that both companies will be working hand-in-hand to help the platform in introducing a new token economics model that will incorporate staking, liquidity rewards, and new smart contracts. The funds will be engaged in the governance of the protocol as well and the CEO and founder of Aave Stani Kulechov explained that the two firms will bring substantial expertise in order to make the protocol scale better:
“Our focus has always been innovation and diligent risk management, which has got the attention of Framework Ventures and Three Arrows Capital. Their involvement will bring substantial expertise to scale the protocol for institutional usage…”
LEND investors are reacting positively to the news and the token’s price surged over 20% in the past 24-hours. The protocol continued developing a decentralized ecosystem built around LEND as the fundamentals of the token will bring strength matching its price.
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