DeFi News

DeFi Token AAVE Jumps 10% On Avalanche Liquidity Tie-Up

Published by

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.

AAVE version 3 liquidity mining goes live on Avalanche

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.

AAVE successfully breaches resistance trendline

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.

Source: @rektcapital

This is the 1st time since 2021 that AAVE has been able to successfully retest the orange diagonal as support

-@rektcapital

 

Ambar Warrick

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at ambar@coingape.com

Share
Published by

Recent Posts

  • News

Breaking: Court Orders Liquidation Of Three Arrows Capital

Crypto hedge fund Three Arrows Capital (3AC) has reportedly plunged into liquidation, as per Sky…

June 29, 2022
  • News

This Crypto Winter Suite Could Help Investors In Bear Market

Swiss-based crypto products firm 21Shares on Wednesday said it has launched its Crypto Winter Suite…

June 29, 2022
  • News

When Will Crypto Markets Recover? Former Coinbase Exec Weighs In

Tom Loverro, a long-time crypto investor who formerly served on exchange Coinbase's board, says it…

June 29, 2022
  • News

Terra USTC Price Skyrockets By 75%; Will It Recover More?

Terra’s collapsed tokens TerraClassicUSD (USTC) and Terra Classic (LUNC) which triggered the crypto market crash…

June 29, 2022
  • News

Does Celsius Owe $174 Mln To Voyager Digital?

Nansen CEO Alex Svanevik on Wednesday revealed that Celsius received large amounts of funds from…

June 29, 2022
  • Uncategorized

As Bitcoin Goes Below $20K, Stats Show How Close Is Bottom

Amid much hype of buying the dip at current prices and market reaching its bottom…

June 29, 2022