Aave is a completely decentralized platform that enables cryptocurrency lending and borrowing. It enables non-custodial liquidity through incentivizing mechanisms for liquidity providers in the form of attractive yields on lending while also ensuring that borrowing is easy and offers lower interest rates than traditional finance. The platform has garnered plenty of reputation for itself and is considered to be one of the major projects in the market. It is currently the fifty-second largest token in the market. The total liquidity on the platform is a staggering $24 billion.
Aave: Recent developments
During the past year, Aave has made a lot of major developments and it continues to expand its scope in the current year. In 2021, the platform put an increased focus on expanding its scalability to top of its game. Moreover, it also released an automated market maker, a migration tool for the platform and various other upgrades and updates.
Aave is also working towards enabling interoperability in the DeFi market and has passed its first ever cross-chain governance protocol. The successful passage of the proposal has enabled new listings of tokens onto the network. Cross-chain transactions can be made through the platform’s Ethereum-based governance, Polygon’s FxPortal and Aave’s cross-chain bridge to Polygon. The proposal marks a new step towards cross-chain interoperability for the network.
Moreover, the platform’s Grants’ initiative is holding a Bleeding Edge Mini Summit in Denver. Aave will be engaging with various key-players of the crypto market and starting off conversations for future developments for the platform. The Summit will also feature some of the new developments going on in the network.
Price movements
Aave lost plenty of its value during the bearish outlook of the market in January; however, it appears as though the token is going to get back on track soon. The cryptocurrency is underway establishing a steady uptrend. Now that the cryptocurrency market appears to be back on track, major cryptocurrencies can also be expected to reverse their losses soon – including Aave. The community continues to be strongly bullish on the long-term outlook of the token. At the time of writing, the cryptocurrency stands at a price level of $187 with a daily change of 4% to the upside.
All in all, Aave is a solid project and has a solid basis in the market – being one of the top cryptocurrencies. If it is not already on your list, then it is time to add it!
