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Crypto lending protocol Aave restarts its bullishness as the market resets. AAVE, the namesake token of the platform, surged to nearly 20% in the past 24 hours, capturing the momentum of the broader market which is still up by over 5% since yesterday.
Yesterday's market downturn brought unexpected gains for the decentralized finance protocol Aave.
Aave liquidations caused risk to individual wallets, but at the protocol level, the lending platform held up and kept the peg of the GHO stablecoin.
Cryptocurrency prices staged a strong comeback in the overnight session as investors remained optimistic about the industry and the potential for a Federal Reserve intervention. Bitcoin price jumped to a high of $56,000, adding over 7000 points from its lowest point on Monday. Ethereum rose to $2,525.while Stellar Lumens (XLM) price rose to $0.
Aave's $6M revenue surge was driven by decentralized liquidations, including a $7.4M WETH position generating $802K.
In recent weeks, Bitcoin has faced a tough market environment, experiencing a sharp 11.25% drop since its peak on July 29th. This decline has been part of a broader trend affecting major cryptocurrencies.
Decentralized finance protocol Aave generated more than $6 million in revenue as the crypto prices plummeted. Stani Kulechov, founder of Aave (AAVE), said in a post on X on Aug.
Leading DeFi platform Aave Protocol generated over $6 million in revenue during the current market downturn. On-chain data shows that Aave earned $802,000 from a $7.4 million wrapped Ether (WETH) liquidation, reflecting a surge in liquidation activity on the platform.
The AAVE lending and borrowing protocol made an overnight revenue of around $6 million amid the heavy crypto liquidations led by Ethereum.
The founder of decentralized finance protocol Aave said the platform generated $6 million worth of revenue during Monday's crypto market sell-off.
Here is how some of your favorite assets concluded the week.
Bitcoin may find buyers close to $56,000, benefitting select altcoins such as SOL, XRP, KAS, and AAVE.
The mean coin age metric has slowly trended higher since early July, a sign of accumulation, but velocity augured volatility.
This week, the crypto market witnessed a notable correction following the pioneer digital asset Bitcoin. From Monday's peak of $70000, the BTC price is 11.6% to trade at $61862, bolstering a fresh correction trend in most major altcoins.
The cryptocurrency market has continued to fall, with losses starting in mid-July. The crypto market has lost about 3.2% of its value, and most cryptocurrencies are trading in red. However, AAVE is an exception, gaining nearly 19% in the past 7 days. Currently trading at $117.40, AAVE has hit its highest level in three months.
Aave (AAVE) has surged by 64.7% in less than a month. With such a strong rally, the question now is whether AAVE can continue its upward momentum or if it faces a potential pullback.
The price of AAVE, the governance token for the leading lending protocol Aave, has been on an uptrend since July 5. Currently trading at $115.80, it has reached its highest level in the past three months.
Aave's price saw a surge of over 10% amid heightened whale activity as the market recovered from a recent drop. Aave (AAVE) has become the 55th largest cryptocurrency, with its market cap exceeding $1.
AAVE, the decentralized finance (DeFi) token underpinning the Aave protocol, is currently at a pivotal point. The token's price has recently faced significant resistance at $107.50.
Aave is a decentralized non-custodial liquidity protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers can borrow in an over-collateralized (perpetually) or under-collateralized (one-block liquidity) fashion.
AAVE price has risen by more than 14 percent in the last week, with a notable spike in whale activity in the last two days. But will it hold?
As blue-chip cryptocurrency markets remain subdued despite growing tailwinds from traditional asset markets, traders hunting for top crypto performers today are turning to smaller and lesser-known altcoins that might be able to deliver strong gains.
Aave continued its rally after announcing a custom Lido V3 vault, offering loans against a collateral of wstETH.
As major cryptocurrencies nurse losses, despite a dovish reaction in traditional financial markets to the latest Fed policy announcement where the US central bank opened the door to a rate cut in September, traders are looking for which crypto to buy today to take advantage of the market's latest dip.
