AAVE, the native token on the eponymous DeFi platform, surged on Wednesday as liquidity mining through its latest version went live on Avalanche. The token also successfully breached a resistance trendline, and may be poised for more gains.
AAVE rose 10% in the last 24 hours, and was trading at an over one-week high of $187.30. The token outpaced an overnight recovery in most other cryptocurrencies.
Total value locked (TVL) on the platform also rose 0.2%. The protocol is the fifth-largest DeFi player by TVL, according to data from Defi Llama.
Given its prevalence in the DeFi space, the AAVE token is also consistently used by ETH whales to execute smart contracts. Data from Whalestats showed the token was the fourth-most used smart contract by ETH whales in the past 24 hours.
The token had rallied in March after the platform launched its version three update, which trimmed gas costs and introduced support for cross-chain transactions.
Ava Labs head of DeFi @luigidemeo said AAVE V3 liquidity mining is now live on the Avalanche blockchain. AAVE users will now be able to provide liquidity to DeFi protocols on Avalanche, and earn rewards for doing so.
The move comes after the AAVE community voted in favor of deploying on Avalanche in October. The deployment was covered by a $180 million DeFi incentive program launched by Avalanche earlier in 2021.
Currently, AAVE V3 is only accepting deposits in native USDC and USDT. The platform will also eventually phase out incentives for users on older versions of the protocol.
Crypto analyst @rektcapital noted that the token had successfully breached a resistance trendline at around $157.1. The token now has a strong chance at reversing its recent losses.
This is the 1st time since 2021 that AAVE has been able to successfully retest the orange diagonal as support
-@rektcapital
21Shares updates its Sui ETF application with the U.S. Securities and Exchange Commission (SEC). The…
Following US President Donald Trump's announcement of a prison pardon to Binance founder Changpeng Zhao…
The crypto market is bracing for volatility after the U.S. President announced the termination of…
Coinbase CEO Brian Armstrong has said he expects the long-awaited U.S. crypto market structure bill…
Bitcoin surged above $111,000 after confirmation that President Donald Trump and Chinese President Xi Jinping…
U.S. President Donald Trump has reportedly pardoned Binance founder Changpeng "CZ" Zhao for his conviction…