- AAVE token has gained 40% this year creating a new all-time high record at the level of $123.96
- The listing in significant exchanges and the launch of its mainnet seems have driven the value of the token
- Not only the new ATH but the token has also achieved other milestones
- AAVE will soon host a hackathon in collaboration with ETHGlobal
According to the data from the CoinMarketCap, it was found that on Tuesday, the base token of the AAVE decentralized protocol hit an all-time high at $123.96. It is known that the price high was a surge of 20% since the start of this year. However, it is a massive gain for the token to reach such a level. Indeed, with the new all-time high, the Aave also overtook the position of Uniswap.
What are the forces which drove the price of the token?
Last month, the major crypto exchange of the United States, Coinbase, listed the AAVE on its platform. Following the listing, several other exchanges like Binance, Gemini, and Kraken also listed the token, which seems to be the main reason that the token has such bullish momentum. On the other hand, last month, the AAVE protocol also launched its version of the mainnet. It is known that version 2 of the AAVE protocol offers new features like the ability to trade digital assets while such assets are being used as collateral and swap them to yield on the market. Not only that, but the new update also upgraded its flash loans, tokenized debts, and gas optimization. However, following the release, it seems like it is also a reason behind the surging price of the token.
Apart from the new ATH the token also achieved other milestones
It is observed that there are other milestones also which AAVE has achieved. As over the last year, the protocol became more decentralized after handing over the community’s admin keys. Last month, The protocol also surpassed $1 billion in Flash Loans volume. However, currently several in the cryptosphere are continuing bullish on the token, and estimating that the token’s value seems to will surge by ten times in upcoming years.
Next development plans of the protocol
It is known that AAVE has partnered with ETHGlobal to host a MarketMake hackathon, and it will be released by next Friday. On the other hand, there will soon be a launch of the Aavegotchi NFT game. Although it should have launched this week only, the high gas fee and extreme volatility of the Ethereum network led to a delay in the mainnet launch. However, via a tweet, the team announced that the game would be moved to the Matic Network this week.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?