In the past month, the total supply of $AAVE on exchanges has dropped by approximately $18.4 million, signaling a notable shift.
Simultaneously, some high-profile wallets have accumulated substantial amounts of $AAVE, indicating increased confidence from smart money investors.
The total supply of $AAVE on exchanges have decreased by ~$18.4m over the past 30 days👀
Seeing a decent chunk of low 7 figs accumulation among some smart money wallets as well. pic.twitter.com/aUabYuBNTg
— Arthur (@Arthur_0x) August 16, 2024
Data from Token Terminal reveals that $AAVE has outperformed its top three competitors in the lending sector, generating fees 2.2 times greater than the combined total of these rivals. This places $AAVE at the forefront of the lending market, even before the anticipated launch of its V4 upgrade.
$AAVE fees generated were 2.2x larger than the following three lending protocols combined.
Just a behemoth in the lending space.
This is before the launch of their V4, which should exponentially bolster their capital efficiency, create a unified lending experience, and… pic.twitter.com/yGQTbrdYOQ— Emperor Osmo 🐂 🎯 (@Flowslikeosmo) August 16, 2024
The forthcoming V4 is set to enhance capital efficiency significantly, streamline the lending experience, and integrate the $GHO stablecoin more deeply into the ecosystem. This upgrade is poised to strengthen $AAVE’s market position further.
Currently, $AAVE is experiencing peak sentiment with a total value locked (TVL) of $11.59 billion, making it the third-largest decentralized application (dApp) by TVL, trailing only Lido and Eigenlayer. Additionally, a proposal to activate a fee switch, published on July 25 by ACI, suggests a “Buy and Distribute” program. This initiative aims to use excess revenue to purchase $AAVE tokens and distribute them to stakers, potentially increasing demand and driving up the token’s value.
Aave V3.1 Launch Across All EVM Markets
Recent updates include the launch of Aave v3.1 across all EVM markets and the announcement of Aave v4, which introduces a Unified Liquidity Layer for smoother liquidity transitions and isolated positions within the protocol. Aave is also planning to launch its own chain post-v4.
Aave, one of the most robust protocols in the space, recently earned $6 million from liquidation fees during the market crash on August 5. With nearly all of its tokens in circulation and a market cap of $1.6 billion, $AAVE continues to strengthen its dominance and utility in the DeFi landscape.
$AAVE sentiment at ATH today in the last 12m:
– $11.59b in TVL and the third largest dApp by TVL behind Lido and Eigenlayer
– "Temp check" proposal published by ACI on 25th July to activate fee switch. Proposal introduces a "Buy and Distribute" program – using Aave's excess… pic.twitter.com/ZDCiHKNZnT— Sandra (@sandraaleow) August 16, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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