AAVE, the native token of the eponymous DeFi platform, rallied past its peers in 24 hours as traders reacted positively to the platform’s recent version three update. The token’s surge coincided with total value locked in the platform rising above a key level.
AAVE price surged over 30% to $240- its highest level since early-January. It has been on a steady uptrend since March 16, when the DeFi platform unveiled its upgrade to version three.
Total value locked (TVL) in the AAVE platform rose past $14 billion for the first time since the beginning of the year, according to data from DeFi Llama. It showed that DeFi interest was recovering after a major downtrend through the first quarter.
AAVE is one of the oldest and most popular DeFi lending platforms in the space. In terms of TVL, it is the fifth-largest protocol. The token was also among the top 10 most purchased coins by ETH whales over the past 24 hours, according to data from WhaleStats.
Popular crypto twitter personality @SmartContracter had earlier this week noted that AAVE was likely set for a big bounce, heralding a recovery in DeFi.
AAVE upgrades to version 3
The platform launched its version three iteration on March 16, trimming load times and reducing gas costs between 20% to 25%.
A major feature of the update was the addition of support for cross-chain transactions, a move that is likely to increase the accessibility of the platform. News of the upgrade had helped stem a losing streak in AAVE and helped it recover from four-month lows. The token has been on an uptrend ever since.
DeFi interest picks up
Interest in DeFi has picked up substantially this year, given that the space usually offers superior returns on deposits in comparison to conventional savings accounts. Binance, the world’s largest crypto exchange, recently added support in its cross-chain protocol for access to DeFi platforms.
Total value locked into DeFi has also surged from lows hit this year, and is currently at two-month highs of $173 billion. The largest platform by TVL is Curve, with holdings over $20 billion.
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