Cryptocurrency AAVE has renewed its all-time high

Cryptocurrency AAVE has renewed its all-time high

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Cryptocurrency AAVE has renewed its all-time high
CONTENT

  • DeFi platform AAVE token price hits record high

  • Growing interest in the DeFi industry drives capital inflows to platforms such as AAVE

  • Users of the decentralized AAVE platform earn interest on deposits

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Growing interest in decentralized finance instruments (DeFi) Decentralized finance (DeFi) – this is financial services, built on blockchain technology, which offer users access to open, efficient and … More) provides a steady flow of fresh capital to leading DeFi platforms such as AAVE

The total amount of funds blocked in DeFi (TVL) is kept close to $ 25 billion, with tokens of some projects showing record price increases. AAVE is one of them. AAVE is an open source DeFi protocol offering cryptocurrency trust services.

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Cryptocurrency AAVE has renewed its all-time high

Protocol users can deposit coins and earn interest, as well as borrow cryptocurrency secured.

The banking revolution

The operating principle of such platforms is similar to traditional banking. In general, it is. However, on decentralized protocols like AAVE, most of the fees and profits go to platform users and token holders..

Read also: Five Best DeFi Projects in the New Altcoin Season

According to the analytical and rating platform defipulse.com, AAVE is ranked second in terms of blocked funds (TVL). Now the platform contains $ 3.63 million worth of cryptocurrency assets.

The amount of blocked funds in the AAVE protocol. Source: Defipulse

Against the background of a record inflow of capital to the platform, the value of the AAVE token is also growing. The token price has passed the $ 250 mark. Meanwhile, the network’s total market capitalization is approaching $ 3 billion. Thus, the project took the 16th place in the ranking of the largest blockchain projects in the world..

Capitalization of AAVE. Source Coinmarketcap

Defi on the rise

Over the past 24 hours, the coin has risen in price by almost 20% and updated its all-time high. Such price rallies are not uncommon in the DeFi industry lately. Investors are following with interest and excitement the developments in the industry, which offers new generation financial products. In search of lucrative projects and investments, people are gradually starting to pay attention to tokens beyond the top ten.

Cryptocurrency AAVE has renewed its all-time high

Read also: Shocking predictions for DeFi and Ethereum for 2021

Decentralized platforms are capable of handling a wide variety of financial transactions. They offer lending, cryptocurrency exchange, derivatives trading and asset management – all based on decentralized technology. Most of these tools are built on the Ethereum blockchain..

Of the 63 largest projects by TVL size, only one does not run on Ethereum.

This alignment of forces underlines Etheruem’s firmness in the DeFi industry. Many smart contract platforms are trying to claim the status of “Ethereum killer” trying to compete with the giant, but so far to no avail. Financial platforms like AAVE are actively developing and breaking records for a variety of indicators. DeFi boom in full swing.

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