Cryptocurrency News

Aave’s TVL Rises to $4.96 Billion following its All-Time High of $520

The cryptocurrency industry has been around since 2009 and despite introducing many products, the best product it managed to introduce was DeFi back in 2016. Ever since its launch, the decentralized finance (DeFi) sector has been gaining constant growth and success.

However, the industry started achieving new heights starting 2020 as the user base on the crypto-industry started surging. The year 2020 turned out to be of great importance for the entire crypto-industry and the crypto-industry, in general, is shooting through the ceiling.

Amid all the success and growth, the DeFi industry has gained significant growth and has stepped into the year 2021 with the same trend. As per many analysts and observers, the year 2021 will be of even greater importance to the entire crypto as well as the DeFi industry.

Ever since the beginning of the year 2021, there are several digital assets in the DeFi-verse that have been gaining all-time highs. Each asset in the DeFi sector is gaining a huge amount of adoption and growth because the investors are trying to make the best out of the crypto-industry.

According to the recent reports, Aave has now started making it to the top of the DeFi chain with respect to its price and demand. As per sources, the price of Aave has experienced a 76% growth rate since the beginning of February 2021. As of now, Aave is hovering at its all-time high figure of $520 per AAVE.

At present, Aave is the second-highest ranked platform in terms of Total Value Locked (TVL). It has been reported that the platform is constantly gathering users with every passing day. On top of that, its demand is also increasing with trust in the asset that is leading it to surpass every competitor.

From the data collected by one of the on-chain analysis sites TradingView, the price of AAVE was at $284 per AAVE on February 1, 2021. At the time of publishing, AAVE is sitting at $520 and its trading volume in the last 24-hours is $2.4 billion.

The most recent rally that the Aave platform managed to gather was on January 28, 2021. It was January 28, 2021, when Aave had made an announcement around its Aave v2 migration tool. The firm had announced that the tool would allow users to migrate all their borrowed positions, account information, and staked tokens to the new protocol.

Ever since the announcement, it has been observed that the key metrics for Aave have increased significantly. This increment has directly resulted in elevating the total value locked (TVL) for the protocol. As of now, the total value locked (TVL) for the Aave platform is setting new records at $4.957 billion.

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