DailyCoin
Published May 20, 2021 03:16AM ET
Updated May 20, 2021 03:30AM ET
Aave (AAVE): Surged to the All-Time High
The past week has been bad for the prices of digital assets due to several reasons. This bad news for the top coins didn’t affect the likes of AAVE and CELO. AAVE amidst all the drama in the market hit an all-time high of $661 on Monday gaining a record 700% this year alone.
The coin dropped down by 42% since then, reaching the low of $383 yesterday. The coin has recovered by nearly 20% since then and trades at $458 at the time of publishing.
AAVE is a DeFi lending and borrowing protocol that lets its users earn through providing liquidity to pools. It is the second-largest DeFi lending platform. Launched in 2017 as Ethland, the platform has grown and lived up to its expectations with a maximum supply of 16,000,000 Aave tokens and 12,752,788 currently in circulation.
AAVE is a popular token and can be bought from top exchanges like Binance, OKEx, FTX, CoinTiger, etc. The rebranding of the platform occurred in 2018 with its name changing from Ethland to AAVE which translates to Ghost in Finnish.
The operation of AAVE is very simple as lenders earn money by depositing their cryptocurrencies and digital assets into liquidity pools and earn commission on transactions. It is a good way for users to earn a passive income and yield farmers love the platform.
As it is a two-way thing, borrowers take the deposited cryptocurrency to take flash loans. AAVE is built on the Ethereum Blockchain and it is currently making the transition from Proof-of-Work to Proof-of-Stake.
On the Flipside
Recent Developments and the Future: A Push Against All Odds
Recent developments have led to the surge which Aave has experienced in the past few days. Amidst the top coins struggling with Bitcoin falling to a little about $42000 and Ethereum also falling to $3600, the consistent surge of Aave is surprising to many.
Ripple is the biggest gainer in the top 10 rising a little more than 8%. The reason for the rise in the value of the token is the increase in its total liquidity to over $20 billion. Furthermore, by adapting Polygon the network activity has increased since April. Other assets like CELO, Synthetix, and Kusama have also been on the rise this week.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.