Categories: DeFi News News

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

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.

Bhushan Akolkar

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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