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0.00465297 BTC
Market Cap (Rank#43)
65,072 BTC
Vol 24h
6,054 BTC
Circulating Supply
Max Supply
1 day agocryptodaily
X Open Hub Adds 30 New Cryptocurrencies and 2 Emerging Market Indices to its Vast Asset List
Global provider of cutting-edge liquidity and technology solutions for financial institutions, X Open Hub has announced additions to its vast multi-asset offerings. The company has introduced 30 new cryptocurrencies and two emerging market indices, CH50cash and IND50cash, to the 5000+ global instruments it already offers. With 12+ years experience offering world-class technology and transparent liquidity solutions for banks and brokers, X Open Hub is committed to supporting financial firms. The company aims to help them achieve cost-optimized business models through improved operational efficiency and increased profitability. The Crypto Winter Is Ending Say AnalystsDespite the ongoing cryptocurrency winter, millennials and Gen Zs are increasingly looking at digital assets for investment purposes. A rise in awareness and education regarding this class of assets, along with their low correlation with price moves in traditional investment instruments, has been driving this interest. Increasing regulatory oversight across numerous countries is expected to lend stability to the digital asset class. Additionally, the rise of DeFi projects is also likely to drive interest in cryptocurrencies. Moreover, the decline in crypto prices in recent months has many investors wondering whether to buy the dip before the crypto winter ends. Historically, there have been four such crypto winters, including the current one. Each time, the market has reversed within around a year. So, investors might be looking at acquiring digital currencies while the prices are still low and before the market begins to rise once again. X Open Hub Adds 30 New CryptosBrokers are increasingly looking at offering their clients opportunities to trade the most popular and promising digital currencies. X Open Hub has added 30 new cryptocurrencies to its already long list of crypto offerings. The new crypto offerings available through X Open Hub’s liquidity solution are extensive and include: AAVE, ALGORAND, APECOIN, CHILIZ, COSMOS, CRONOS, CURVEDAO, DECENTRALAND, DYDX, ELROND, FANTOM, FILECOIN, FTX, GALA, GRAPH, INTERCOMP, IOTA, KILOSHIB, KYBER, MAKER, METAL, NEO, SANDBOX, STEPN, SUSHI, TRON, VECHAIN, WAVES, ZCASH and ZILLIQA. “We believe brokers need to stay abreast of trends and should perceive a wide range of cryptocurrencies as an additional tool to attract new customers or manage their retention. In the last quarter, we devoted a lot of attention to developing our asset class offering and equipping our partners with all the tools necessary to remain competitive in the market,” stated Michael Copiuk, CEO of X Open Hub. IND50cash and CH50cash X Open Hub has also added the IND50cash and CH50cash indices to its liquidity offerings. The IND50cash is based on the Nifty 50, the benchmark index that includes 50 of the most profitable companies across 12 sectors listed on the Indian stock markets. This makes it a well-diversified index. Alternatively, the CH50cash, is based on the China A50, a pan-China benchmark index that includes the top 50 companies, based on market cap, listed on the Shanghai and Shenzhen stock exchanges. A Global Leader Established in 2010, X Open Hub is the institutional arm of the XTB, which is listed on WSA and licensed across multiple jurisdictions, including the UK FCA, CySEC, IFSC, FSCA, and more. XOH has created a niche by providing complete front- and back-end technology and responsive support to propel growth for financial firms. X Open Hub’s solutions include deep institutional liquidity on more than 5,000 global instruments, including indices, shares, forex, cryptocurrencies, commodities, and ETFs, and a powerful white label platform that can be fully customised and branded for each brokerage. X Open Hub also offers multiple integration options to ease operations for brokers, such as FIX protocol, xAPI, MT4/MT5 Bridge or Gateway, and integration with Prime XM, Gold-I, oneZero, and more. This has helped the company gain over 100 clients across more than 30 countries within a decade of being launched. Speak to the X Open Hub Team about cryptocurrencies and emerging market indices. Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
1 day agocryptodaily
Is crypto the answer to the long standing Universal Basic Income (UIB) conundrum?
From the outside looking in, universal basic income (UBI) can be viewed as a socio-political fiscal transfer policy that seeks to provide individuals — living in a certain region — with seamless access to a legally stipulated stipend without any caveats involved. Such a scheme is applicable on multiple levels, i.e. nationally, regionally, or locally with the idea having garnered a lot of interest from governments across the globe. However, despite this growing interest there have been no countries that have actually been successful in implementing a UBI model for a considerable length of time, even though some governments have launched similar-themed programs in order to provide for the neediest sections of their respective societies. For example, back in 2011, the middle-east nation of Iran rolled out an unconditional cash transfer scheme — worth approximately $45 — for its population in an effort to phase-out subsidies on bread, water, electricity, heating, and fuel. The amount was about 29% percent of the nation’s median household income on average. However, the program had to be dialed back as some Iranians came to believe that it was disincentivizing people to work. The largest and longest lasting UBI experiment in the world is currently taking place in Kenya, where a charitable organization called GiveDirectly has been doling out monetary handouts to a little over 20,000 people, spread out across 245 rural villages, since 2016. That said, one of the key criticisms of UBI has been that it often gives too much money to families that don't really need the assistance while providing little help to those people who really do. Crypto, DeFi and UBI — The larger picture There’s no denying the fact that the cryptocurrency industry — the decentralized finance (DeFi) market, in particular — has been able to accrue a lot of wealth for its early adopters, with many of these individuals now looking to give back to the underprivileged. Infact, just recently many seasoned industry personnel such as Ryan Selkis, Dan Matuszewski, Haseeb Quresh, amongst others promised to donate 1% of their wealth to charities through a project called The Giving Block. In this regard, the idea underlying a crypto-generated UBI scheme too has garnered a lot of attention recently. For example, GoodDollar is an initiative that uses yield farming to dole out digital asset-hinged stablecoins for free so as to promote financial inclusion on a global scale. To elaborate, the project creates and issues a stablecoin ($G) which can then be distributed daily to its users in the form of a universal basic income (UBI). To date, the GoodDollar has helped distribute a total of $223,673.27 as free income to its backers. The model is propagated by network participants who continue to deposit assets onto the platform and subsequently yield farm them using decentralized finance (DeFi) protocols including Compound or Aave. A majority of the accrued interest is returned to its supporters while the rest is used as collateral for new $G tokens which are then distributed on a daily basis. It is worth mentioning that late last year popular digital asset investment platform eToro announced that it was going to be committing $1 million to the protocol, thereby supporting the nonprofit’s effort to help close the wealth parity that exists across the globe using DeFi and smart contract technology. Other similar initiatives include Global Income Coin, a crypto non-profit that delivers a universal basic income of $1 a day to any person in need situated in any part of the planet. The initiative was recently able to raise $2M worth of funding from Sid Sijbrandij, the co-founder and CEO of GitLab Inc. Lastly, since the start of the year, ex-Twitter CEO Jack Dorsey has been talking about the possibility of a Bitcoin powered UBI platform that can help combat global poverty. UBI on the horizon thanks to crypto tech? As crypto-enabled technologies continue to gain an increasing amount of mainstream traction, it stands to reason that their use will continue to expand into realms previously thought to be unimaginable (such as various basic income schemes). In this regard, as more and more corporations from the realm of traditional finance start to become more conscious, they can donate small sums of money to protocols such as GoodDollar and Global Income Coin to help those in need using blockchain technology. Thus, it will be interesting to see how the future of this financial niche plays out from here on end. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
5 days agocryptodaily
Next Generation DeFi Gnox (GNOX) Showing Early Strength Like Uniswap (UNI) And Aave (AAVE) Of Last Cycle
Every crypto market cycle features protocols that burst onto the scene and cause a massive disruption to the status quo. These protocols typically target highly practical market verticals, and the native tokens of these projects go on to see explosive gains. This article features a protocol hailed by several experts as a serious contender for the next breakthrough project of the new generation. Gnox (GNOX) Gnox offers yield farming as a service and aims at revolutionising the realm of DeFi (decentralised finance) earnings. Instead of being reserved for the select few with time and technical ability, Gnox brings DeFi investment to all crypto investors. The GNOX token represents a single investment vehicle facilitating meaningful participation in DeFi. Gnox features a treasury which is the first treasury designed for investors. Deployed in DeFi protocols to generate yield, it provides all investors with a monthly stablecoin reflection. Funded via buy and sell taxes, when GNOX launches on the open market, this capital fund will grow in value. As the capital sum of the treasury accumulates, so will its ability to deliver more significant reflections. The market has not priced in Gnox’s passive income stream, making this project undervalued. With Gnox bringing DeFi investment to a broader percentage of market participants, the potential for this protocol is colossal. Uniswap (UNI)Uniswap changed the face of DeFi forever. This DEX (decentralised exchange) became the blueprint for building a successful decentralised exchange. Uniswap introduced greater swap efficiency for traders and allowed investors to generate yield by creating LP (liquidity provider) tokens by introducing an automated market maker system. This removed the intermediaries involved in the swapping process and meant traders interacted with smart contracts. Uniswap enabled instant swaps and has become the foundation of all subsequent DEXs. Uniswap now has liquidity depth that rivals some of the largest CEXs (centralised exchanges), and UNI, the governance token of the protocol, trades at $6.92, down from its ATH (All-Time High) of $44. The rise of this token was extraordinary; at the start of 2021, it was valued at $4.70 and just five months later hit its ATH.Aave (AAVE)Aave is the largest protocol ranked by TVL (Total Value Locked) and introduced and popularised one of the most utilised functions in DeFi- permissionless lending. Lending is one of the core aspects of TradFi (traditional finance) and has driven economic growth globally. Aave delivered the ability to access funds instantly through collateralisation in a permissionless manner. This protocol provided a critical financial service to anyone with an internet connection. AAVE, the governance token, experienced explosive growth proportional to the development of the protocol. It was valued at $90 at the start of 2021 and by May and reached $632. Final ThoughtsProtocols that deliver value to the ecosystem will always grow. Uniswap pioneered the way to develop DEXs, Aave brought critical financial services to the blockchain, and Gnox makes DeFi investment equitable and accessible. Investors should always follow value, and price appreciation will naturally follow.Find Out More Here: Join Presale: Website: Telegram: Discord: Twitter: Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
8 days agocointelegraph
Aave devs propose freezing Fantom integration, citing lack of traction and potential vulnerability
The Fantom market on Aave v3 adds just $30 each day to the DeFi protocol's treasury; developers are also concerned that the integration creates security risks.
8 days agocoindesk
Aave Wallet Activity Reaches 2022 High on GHO Stablecoin Decision
The protocol's native aave tokens have seen volatile trading over the past week ahead of the introduction of the yield-generating stablecoin.
9 days agocointelegraph
Aave DAO approving overcollateralized stablecoin splits crypto community
Aave’s stablecoin approval drew wild reactions from the crypto community, with many comparing its fate to TerraUSD (UST); however, Aave proponents were quick to point toward the overcollateralized factor.
9 days agocoindesk
Aave Passes Proposal for Yield Generating Stablecoin GHO
The fully collateralized stablecoin is native to the Aave ecosystem and will be initially available on the Ethereum network.
15 days agocryptodaily
Klaytn Lending Platform KLAP Launches Its Native Token
Klaytn Lending Application (KLAP) has released its native token. The second largest dApp on the Klaytn blockchain, KLAP grew to become the leading lending and borrowing protocol within days of its May launch. Now, its eponymous KLAP token is being distributed to early users of the platform. Klaytn Users Catch KLAP The native token of KLAP protocol will have a total circulating supply of 1 billion, but just a fraction of that will be distributed initially – 6% to be precise. That’s calculated to be enough to seed initial liquidity pools, and to reward early users of the KLAP platform, leaving the bulk of the tokens to be distributed as rewards over time. The token became available for trading on decentralized exchange ClaimSwap on July 25 at 22:00 ET. KLAP will serve as a governance token, as is standard practice for protocols issuing a native token. This will enable KLAP holders to vote on key decisions concerning new liquidity pools, reward rates, protocol upgrades and suchlike. There’ll also be a lot more that can be done with KLAP however. The KLAP team has decided to go down the “ve” token route that was made famous by Curve and then adopted by such protocols as Frax Finance. In this system, users who lock up their tokens through staking for a lengthy period of time will be awarded ve tokens which are a virtual representation of their holdings; veKLAP in this case. While ve tokens can’t be sold on the open market, they do entitle the owner to other benefits such as yield boosters on liquidity mining rewards for both lending and borrowing. DeFi Gains Ground on CeFi Decentralized finance, which stagnated through late 2021 and early 2022, has begun to show signs of innovation once more. Trust in DeFi protocols has also risen, stirred by the spectacular collapse of CeFi apps such as Celsius and lenders like BlockFi and Voyager. The mantra “not your keys, not your coins” has been brought sharply into focus, sending retail users flocking to DeFi lending platforms such as Aave, Compound, and KLAP en masse. The EVM-compatible Klaytn blockchain has been a huge hit in Asia, with more than a million wallets created since launch, even if it is less known in the West. The maturation of smart contract blockchains can be seen in the time it takes them to acquire a complete set of DeFi primitives including platforms for trading, derivatives, lending, and NFTs. With KLAP taking care of the borrowing and lending side of things, Klaytn now has a full stack, and it’s got the users too. Tokens such as ETH, KLAY, and WBTC can already be posted as collateral on Klaytn Lending Application, whose TVL stands at $106 million. KLAP will soon be added to that list, enabling depositors to provide liquidity to earn a passive income, and borrowers to obtain collateralized stablecoin loans. Only KlaySwap DEX has more liquidity locked on Klaytn. KLAP will be hoping the launch of its native token can propel it to the top of the dApp charts. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
20 days agocryptopotato
Aave DAO Governance Executes $1 Million Token Swap With Balancer
According to both parties, the swap occurred via a smart contract that used a flat rate of 1 AAVE for 11.829 BAL tokens.
22 days agocointelegraph
Aave taps Pocket Network to beef up decentralized app development
Aave will leverage Pocket's distributed network of 44,000 nodes to access on-chain data from various blockchains.
24 days agocryptodaily
Crypto Weekly Roundup: The Merge Scheduled, Celsius Repays Aave, 3AC Founder Reappears, GameStop NFT Flourishes, And More
Despite repaying its MakerDAO loan earlier this month and repaying the Aave protocol earlier this week, crypto lending company Celsius was forced to declare bankruptcy under Chapter 11, which would allow for a restructuring of the company. Let’s dig deep into this story and many other noteworthy events that took place in crypto this week. Bitcoin JPMorgan Chase analysts have estimated that Bitcoin’s production cost has dropped by around $7000 over the past month. A United Nations article that referred to world hunger as having “great positive value” and that “no one works harder than hungry people” was taken down from the website amid huge controversy. Ethereum Ethereum developers gave a long-awaited update on the Ethereum Merge, stating that the tentative date for the update has been set for September. In a recent interview, MicroStrategy CEO Michael Saylor spoke at length about Ethereum and stated why he believed it was a security, not a commodity. DeFi MetaMask's co-founders, Aaron Davis and Dan Finlay, recently made statements criticizing Celsius and Voyager. Open DeFi Notification Protocol has introduced mobile alerts to keep tabs on borrowing positions to prevent liquidation. The crypto lending firm Celsius has confirmed that it has paid up 400,000 stETH (Lido Staked ETH) to DeFi lending protocol Aave. Altcoins For the first time since its mainnet launch in April 2020, the Celo blockchain suffered on-and-off network outages across a 24-hour period. Polygon has announced that it has been selected to participate in Disney’s upcoming accelerator program. The Terra blockchain is experiencing a mass exodus post its collapse, as projects have been leaving the network for Polygon. Technology A three-way partnership between professional skater Tony Hawk, The Sandbox, and Autograph will be building a virtual skatepark for the metaverse. Entertainment and lifestyle brand Playboy has partnered with The Sandbox to build a virtual mansion in the metaverse. Business The payments management firm Circle has released a detailed reserve report, revealing that its USDC stablecoin is backed only by cash and short-term treasury bonds. Crypto yield platform Celsius has finally filed for Chapter 11 bankruptcy, which gives it time to stabilize the business. After laying low for about a month, the co-founder of the defunct crypto hedge fund Three Arrows Capital (3AC), Zhu Su, has reappeared on Twitter to accuse the liquidators of baiting the firm. Brazil’s largest payments app, PicPay, has announced that it will soon launch crypto payment services to its 65 million-strong customer base. Regulation A former deputy in the French National Assembly over the last five years, Pierre Person, has stated that people are interested in cryptos and that “politics can no longer miss out.” The U.S. Commodity Futures Trading Commission has added 34 crypto and forex entities to its Registration Deficient List (RED List) because they have not been registered with the agency. The European Central Bank (ECB) has published a report stating that the crypto economy is growing fast and could get to the point where crypto-assets risk financial stability. Crypto exchange Binance has secured registration by the Bank of Spain to offer cryptocurrency trading and custody services via its Moon Tech subsidiary. Hong Kong lawmakers have introduced new legislation tailored to regulate the cryptocurrency space and aim to implement a new licensing regime for crypto service providers. NFT Within just a couple of days of its launch, the GameStop NFT marketplace has done almost as much business as the Coinbase marketplace in its entire lifetime. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
26 days agocointelegraph
DeFi token Aave faces major correction after soaring 100% in a month
More than 50% of AAVE's recent gains appeared after Aave Companies proposed to launch a native stablecoin.
26 days agocointelegraph
Cred Protocol unveils its first decentralized credit scores
Releasing the results of its first credit score on the Aave Protocol, a decentralized credit scoring mechanism called Cred Protocol is set to expand to Compound and MakerDAO.
27 days agocointelegraph
UNI, MATIC and AAVE surge after Bitcoin price bounces back above $20K
Bitcoin, Uniswap, Polygon and Aave turned green just a day after the highest CPI print in over 40 years.
27 days agocryptodaily
Open DeFi Notification Protocol Makes Mobile Alerts a Liquidation Saver
Decentralized finance inhabits a sphere that is largely cloistered from that of the mainstream world. It entails proprietary networks, wallets, and communities that rarely intersect with the wheels of web2. This arrangement has served DeFi fine for the most part, but there are times when greater connectivity between web2 and 3 – the old world and the new – is desirable. One such scenario concerns crypto lending. The beauty of decentralized finance is that it enables anyone to use their crypto as collateral to obtain a loan. Lock your digital assets into a protocol such as Aave or Compound and you can borrow 50% of its dollar value in a matter of minutes. There’s a caveat though: if the value of your collateral drops below a certain threshold, you will be liquidated and your crypto sold off at a discount to repay the debt. It’s Great When You’re Unliquidated The solution to the liquidation risk is to keep tabs on your borrowing positions to ensure you never reach that critical liquidation threshold, repaying a portion of the loan if necessary to prevent this occurrence. Crypto moves fast, however, and keeping tabs on what’s happening on-chain while living in the real world isn’t easy. Even those who live and breathe crypto still have to sleep, and no one wants to be setting alarms in the middle of the night to check their borrowing health score. Open DeFi Notification Protocol has been chipping away at this problem for a while now, and its solution to the liquidation problem is starting to bear fruit. The answer? Mobile push notifications. It sounds simple, and yet delivering on-chain data to non-blockchain devices calls for clean code and a focus on UX. Otherwise, things can quickly get messy. Health Check-as-a-Service Developed by, Open DeFi Notification Protocol is a long name for a punchy service. It enables crypto borrowers to determine their health score at a glance i.e. how close they are to being liquidated. This prevents the need for borrowers to bust out the laptop, log in to MetaMask, and connect to Aave every time the market moves. Ain’t no one got time for that. On-chain alerts aren’t exclusive to, it should be noted; a number of crypto projects provide Telegram bots that can alert users of similar events. These include EtherDrops and UniWhales, with the latter’s free tx notification service proving particularly popular. What makes Open DeFi Notification Protocol different is that it delivers its alerts as regular mobile push notifications, ensuring that crypto users don’t miss a thing. That and the fact that its alerts are specifically tailored around borrowing health. So far, its greatest success has been with Alpaca Finance, whose leveraged yield farming requires regular monitoring. Unlike other yield farms, which can be operated on a “set and forget” basis (unless you’re in the high volatility Pool 2), Alpaca requires its users to monitor their health factor to prevent liquidations. To make this process easier, Alpaca has now integrated the Notification Protocol, giving humble farmers 24/7 alerts any time their position nears a critical level. Expect to see many more DeFi protocols adding this feature in the near future. If mobile banking apps can alert you any time you risk going overdrawn, after all, why not DeFi? Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
28 days agocoindesk
Celsius Pays Off Last DeFi Loan, Reclaims Nearly $200M of Wrapped Bitcoin From Compound
The troubled crypto lender Celsius has closed its last remaining loan from a DeFi protocol after previously paying off loans on Aave and Maker loan.
29 days agocoindesk
Celsius Pays Off Aave Loan, Moves $418M 'stETH' Stack to Unknown Wallet
The liquidity-stricken crypto lender fully paid off its debt to decentralized finance protocol Aave freeing up $26 million in tokens as part of its latest debt restructuring maneuver.
29 days agocryptodaily
Celsius Unlocks 400,000 stETH, Pays Off Debt To Aave
Celsius, the crypto lending firm which has recently been the subject of regulatory oversight for its operational failures due to insufficient liquidity, has confirmed that it has paid up 400,000 stETH (Lido Staked ETH) to Aave, another DeFi lending protocol. In addition, Celsius has also confirmed that they still have an outstanding balance of 10,000.94 wBTC to DeFi protocol Compound. This equates to roughly $199 million based on current pricing. Celsius has also disclosed that it has managed to unlock and shut down its MakerDAO vault which was worth roughly $456 million, with 21,962 wBTC in position recovered. The firm has been steadily easing off its positions from the DeFi space, in what has been considered as initiatives towards dealing with its ongoing liquidity crisis. According to on-chain data, an associated wallet with Celsius Network has repaid most of its debt to Aave by sending some $63.5 million in USDC to the lending protocol, hence unlocking the 400,000 of stETH, which is now worth roughly $418 million. For its debt to Compound, Celsius Network unlocked 350,020 UNI ($2 million) and 529,94 COMP ($25,600), redeeming 300,000 xSUSHI for 395,060.92 SUSHI ($458,200) from SushiSwap, a decentralized exchange. According to data from DeBank, Celsius still has another $27 million in LINK, stETH and SNX remaining locked on Aave's DeFi vault. To unlock these, Celsius would be required to shell out between $8.5 million to $50 million for each to be unlocked. It has not been ascertained whether Celsius' other private wallets have more DeFi debt, but the case remains open for public scrutiny. Celsius' liquidity crisis began during what it has called "extreme market conditions," with Bitcoin sliding off well below the $20,000 level and affecting the entire crypto industry to an extent that the industry, as a whole, has lost over $1 trillion in market capitalization in the span of a month or so. The firm has been the subject of controversy after it paused customer withdrawals in June, explaining that the move was necessary to leverage time and place itself into a "better position to honor, over time, its withdrawal obligations."Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
29 days agocoindesk
A16z, Variant Lead $18M Round for Lending Protocol Morpho Labs
The protocol enhances existing lending protocols like Compound and Aave with peer-to-peer liquidity.
29 days agocoindesk
Celsius Reclaims $410M of 'stETH' Tokens After Paying Down $81M Debt to Aave
The embattled crypto lender Celsius is inching closer to fully paying off its loans from decentralized finance protocols, reducing its outstanding debt to $59 million.
30 days agocoindesk
Celsius Reclaims $172M Collateral From Aave, Compound
The liquidity-strapped crypto lender's loan from the DeFi protocols reduced to $140 million from $235 million since last Friday.
30 days agocointelegraph
Celsius changes legal team, pays off $20M in Aave debts
The embattled platform continues to wind down its debts to decentralized finance (DeFi) lending protocols, having just paid off 20 million USDC to Aave.
31 day agocointelegraph
Top 5 cryptocurrencies to watch this week: BTC, UNI, ICP, AAVE, QNT
Bitcoin is trending toward a retest of its lower support and if this happens, UNI, ICP, AAVE and QNT could breakout to the upside.
33 days agocoindesk
Celsius Pivots Toward Paying Off Aave, Compound Debt, With $950M Collateral as Prize
The troubled crypto lender Celsius paid down a $258 million debt on the decentralized lending protocols Aave and Compound – possibly in an attempt to reclaim collateral it had posted as guarantees. A day earlier, Celsius used a debt-paydown to reclaim collateral on the Maker protocol.

About Aave

The live price of Aave (AAVE) today is 112.948 USD, and with the current circulating supply of Aave at 13,985,115.71 AAVE, its market capitalization stands at 1,579,590,208 USD. In the last 24 hours AAVE price has moved 13.2376 USD or 0.14% while 133,225,656 USD worth of AAVE has been traded on various exchanges. The current valuation of AAVE puts it at #43 in cryptocurrency rankings based on market capitalization.

Learn more about the Aave blockchain network and how it works or follow the price of its native cryptocurrency AAVE and the broader market with our unique COIN360 cryptocurrency heatmap.

Aave is a non-custodial liquidity pool-based DeFi (Decentralized Finance) protocol that allows people to easily borrow and lend crypto assets, without any middleman. While lenders/depositors provide liquidity to Aave's pool, thereby earning passive income, borrowers can borrow crypto assets against collateral, avoiding the need to sell their assets for liquidity. As it’s completely open-source, anyone can interact with Aave through smart contracts, APIs or a user interface client.

Launched initially by Stani Kulechov in 2017 as ETHLend on the Ethereum blockchain, Aave Protocol came as a rebrand with new features in January 2020, aiming to deliver a broader range of services. Currently, Aave Protocol is deployed on multiple blockchains including Ethereum, Polygon, Avalanche, Harmony and Optimism. 

As per Kulechov, Aave’s primary market consists of people who are already actively involved in the crypto community. Aave features among the top five protocols in terms of TVL, and a couple of Aave’s standout features are ‘Flash Loans’ that allow users to take crypto loans without pledging any collateral, and ‘Rate Switching’ which enables borrowers to easily switch between floating and fixed interest rates.

AAVE price

AAVE price stayed under $100 for most of 2020 and closed the year at a value of $88.5. Boosted by the crypto-wide positive market sentiment, AAVE coin broke out of $100 resistance on Jan. 4, 2021, for the first time ever. It maintained an upward trend thereafter and breached multiple resistance levels to reach $581 on Feb. 10, 2021. 

After that surge, the price of AAVE fluctuated within the range of $350 to $450 till May 2021, and registered an all-time high of $668 on May 18, amid 2021’s first major crypto bull run. This happened a month after Aave Protocol launched on the Polygon network. AAVE’s fully diluted valuation stood at $10+ billion at that price point. However, it couldn’t sustain the $600+ price for long and went into a corrective phase, receding to $170 around a month after posting its ATH. 

Backed by Aave Protocol’s continuous expansion and adoption efforts, AAVE coin made a comeback and returned to $400+ territory once again by mid-Aug 2021. By the end of the year, AAVE was trading in the vicinity of $250. It fell further and stayed within the price range of $100 - $250 during Q1, 2022. According to our AAVE live price chart, having tested $100 support multiple times, AAVE price eventually gave into the selling pressure and fell below $100 in Q2 2022.

How AAVE works

Aave Protocol works by bringing crypto borrowers and lenders on the same platform, to enable smooth lending and borrowing of funds, thus doing away with the need for any trusted middleman. Lenders deposit their crypto assets into a liquidity pool contract, to provide liquidity. They receive ‘aTokens’ in return which are pegged at a 1:1 ratio to the deposited tokens/coins. The pooled funds can be simultaneously loaned-out to borrowers, in the same contract, in exchange for collateral. There’s no need for individual matching of loans, as the entire process happens through pooled funds. Users can borrow and lend over 30 different cryptocurrencies, including DAI and ETH. 

AAVE, the native token of Aave Protocol, was created based on Ethereum’s ERC-20 token standard. It serves as a governance token that allows the Aave community to collectively decide the protocol’s future roadmap. AAVE holders can also deposit/stake their tokens into the protocol and earn rewards for their contribution to its security.

Aave Protocol is audited by some of the world’s leading security firms like Trail of Bits, Sigma Prime, Open Zeppelin, Certora, Peckshield and ABDK, thus ensuring the safety of the users’ funds.

AAVE news, updates and highlights

Aave has been making continuous improvements to its protocol ever since its launch. These developments have helped it make headlines more often than any of its competitors. In an important Aave news, in February 2022 the protocol successfully passed a cross-chain governance proposal, thus taking a major step toward blockchain interoperability, and multi-chain governance systems.

Aave also announced a new project called Lens Protocol the same month. It helps developers in building innovative social networking dApps (Decentralized Applications) on the Polygon blockchain.

Thereafter, in March 2022, Aave launched its version 3, called the v3 upgrade, thus making a significant improvement to its earlier liquidity pools model. Aave v3 came with the promise of bolstered security, greater decentralization, improved user-interface and efficiency.

Frequently asked questions about AAVE

  • Can I stake my AAVE tokens?

Yes, you can stake your AAVE tokens to earn more AAVE as staking rewards.

  • What are some of the best AAVE wallets?

Some of the wallets recommended on Aave’s official website are Ledger, Trust Wallet, Coinbase Wallet, Gnosis, Frame and Argent.

  • What can you do with AAVE tokens?

You can use your AAVE tokens to vote on Aave Improvement Proposals (AIPs) and help shape the protocol’s future. AAVE tokens can also be staked for earning rewards.

  • How can you buy AAVE cryptocurrency?

The recommended way to buy AAVE is from reputed crypto exchanges, with fiat currency, or in exchange for popular crypto coins like BTC, USDT and ETH

Aave Price112.948 USD
Market Rank#43
Market Cap1,579,590,208 USD
24h Volume146,953,633 USD
Circulating Supply13,985,115.71 AAVE
Max Supply16,000,000 AAVE
Yesterday's Market Cap1,550,572,400 USD
Yesterday's Open / Close97.6354 USD / 110.873 USD
Yesterday's High / Low112.363 USD / 95.7377 USD
Yesterday's Change
0.14% ( 13.2376 USD )
Yesterday's Volume133,225,656 USD
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Sorry, no liquidity for this pair
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