Is Aave (AAVE) crypto rising on GHO launch news?

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Is Aave (AAVE) crypto rising on GHO launch news?

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 Is Aave (AAVE) crypto rising on GHO launch news?
Image source: © Rokas91 | Megapixl.com

Highlights:

  • Aave is a DeFi protocol that allows users to lend or borrow digital currencies.
  • The AAVE token trades on major exchanges like CoinDCX, Binance, etc.
  • It returned gains of over 17% in the last seven days.

The Aave (AAVE) crypto price was up more than 2%, while its volume rose over 40% in the last 24 hours to Wednesday morning. But before we discuss the probable reasons behind the token’s recent rally, let's understand more about Aave crypto.

What is Aave (AAVE) crypto?

Aave describes itself as decentralized finance (DeFi) protocol that allows users to lend or borrow crypto. The lenders could earn interest by depositing their digital assets into liquidity pools. On the other hand, borrowers could utilize their crypto holdings as collateral to get a flash loan.

Aave, meaning "ghost" in the Finnish language, was initially named ETHLend during its launch in 2017. However, a year after, it rebranded itself as Aave.

It intends to offer the holders discounted fees on the platform. The native token of the platform, AAVE, also acts as the governance token of the platform, allowing the users to have a say in the future developments of the platform.

The project was founded by Stani Kulechov. It trades on major exchanges like CoinDCX, Binance, OKEx, etc.

Why is it gaining attention?

The project seems to be gaining attention following its announcement of creating a new stablecoin, "GHO", which would be native to its platform. Aave announced on July 7 that it created an ARC for a new decentralized, collateral-backed stablecoin native to its ecosystem. The announcement may have triggered the rally of the Aave token.

In addition, Aave said on July 11 that Merlin is now integrated with Aave. Through the integration, Aave users could boost their decentralized finance (DeFi) game by tracking profit and loss and net worth besides calculating total fees for their wallets and individual positions in an accurate manner.

Aave (AAVE) crypto price and performanceImage Source: ©Kalkine Media®; © Creatchees.std via Canva.com

Bottom line:

The AAVE token was priced at US$69.62 at 9:28 am ET on July 13, up 2.53%, while its volume for the trailing 24 hours soared 40.83% to US$302.99 million. It has a market cap of US$968.78 million, and its fully-diluted market cap is over US$1.11 billion.

It has a maximum and total supply of 16 million, and its current circulating supply is over 13.91 million. It returned gains of over 17.93% in the last seven days while increasing 23.32% in the last 30 days. The AAVE crypto saw the highest price of US$82.06 and the lowest price of US$45.98 in the last 30 days.

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