According to CoinMarketCap data, the token is now worth $235.92. Like many tokens in decentralized finance ( DeFi), this token can be used to vote for updates and to participate in Aave’s governance actions.
This latest price movement comes after the protocol’s most recent upgrade and ongoing interest by larger financial institutions.
Launched March 16, AaveV3 added layer-2 scaling solutions and cross-chain capabilities to , and decreased the gas cost of interfacing with the money market.
At that time, the AAVE token was trading for $121. This marked the beginning of an upward trend. It is still 66% below its May 2017 record of $666.86.
Brazil’s central banking has added Aave to its eight-partner list in order to develop its central bank digital currency, CBDC. Santander Brazil joined Aave, along with Mercado Bitcoin and Visa de Brasil. Unibanco was also included.
Aave was launched under the name ETHLend in 2017. It rebranded around a year later. It has grown to be one of the most widely used decentralized finance ( DeFi) protocols, allowing users to lend and borrow various cryptocurrencies.
Market supply and demand will determine the returns as well as the cost of borrowing different tokens. The amount of interest that users can earn on the stablecoin is dependent on how many people are interested in borrowing DIAI. You can currently earn 1.83% interest on DAI while borrowing the token costs 3.2%.
DeFi, a DeFi data dashboard, reports that Aave’s total locked value has increased by 11.38% in dollar terms during the past week. The protocol’s total value locked (or TVL) refers to how much money is inside it.
Aave is the largest DeFi protocol in this industry, with $22.93 billion now spread across all integrated networks. With $22.2 billion, the DEX Curve comes in second. The crypto-staking platform LIDO is third with $18.74 million.
The ecosystem currently has $283 billion, which includes all DeFi projects across all networks.
That figure was $85 billion less than it was last year.
