DeFi Token AAVE Shoots 12% With Total Value Locked Going Past $9.5 Billion

By Bhushan Akolkar
Published May 1, 2021 Updated May 1, 2021
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DeFi Token AAVE Shoots 12% With Total Value Locked Going Past $9.5 Billion

By Bhushan Akolkar
Published May 1, 2021 Updated May 1, 2021

As the overall cryptocurrency market is up 5% today, it’s time to look into some of the top-performing DeFi tokens at this point. As per data on Messari, DeFi token AAVE has surged 12% today moving closer to $500 levels and approaching its all-time high of $550.

At press time, AAVE is trading at a price of $483 with its market cap moving above $6.0 billion. Also, the total-value-locked (TVL) in AAVE has also moved past $9.5 billion for the very first time.

As per data on DeFi Pulse, the AAVE TVL has jumped 5% in the last 24 hours and more than 50% since April 26. As of date, AAVE alone contributes to 14% of the DeFi market’s overall TVL.

Courtesy: DeFi Pulse

During the DeFi market rally in 2021, AAVE has delivered a very strong performance. The AAVE price has appreciated more than 400% year-to-date. Also, the major surge in AAVE transactions comes amid the launch of the Polygon sidechain on Ethereum.

Boosting AAVE Transactions With Polygon Launch

The launch of Ethereum-sidechain Polygon last week has provided a major boost in the use of the DeFi liquidity protocol AAVE. As of the current data from Dapp Radar, the AAVE transaction volume has surged 24% to $58 million in just the last 24 hours.

If we take a look at the AAVE statics below, the number of users on AAVE has surged nearly 100% in just the last seven days. On the other hand, the transaction volume has surged a massive 500% to $798 million on a 7-day chart.

Courtesy: Dapp Radar

Also, the total number of transactions has also surged 150% to above 43K transactions in the past seven days. DeFi apps on Polygon are currently flourishing as it offers a cheaper alternative against the rising ETH gas fee. Along with offering higher throughput and lower gas fee, Polygon deals with infrastructure development and scaling on Ethereum.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
772 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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