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Right here is why the value of AAVE has been rallying over the previous three days

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The worth of the native token of the main crypto lending platform, Aave, has been on a gradual rise over the previous three days.

Yesterday, the token surged by greater than 5% and hit a excessive $198.02 earlier than pulling again to its present value of $185.70. As we speak it’s nonetheless within the inexperienced although with an increase of 1.02% over the past 24 hours.

This text delves into the components contributing to the present AAVE value.

Why has AAVE value been rallying?

Earlier than we delve into the present uptrend, it is very important first clarify what Aave is for the needs of anybody coming throughout the time period for the primary time.

In a nutshell, Aave is a DeFi protocol that permits individuals to borrow and lend in cryptocurrencies. Its native token is named AAVE.

Now let’s have a look at what is going on behind the scenes and making the value of AAVE to rise.

AAVE V3 going dwell on Avalanche

AAVE token appears to be using on the announcement by the top of DeFi Aave Labs through a tweet saying that AAVE model 3 (AAVE V3) liquidity mining is dwell on Avalanche blockchain, which means Avalanche customers can now earn rewards by offering liquidity to DeFi protocols on the Avalanche blockchain.

🚨 @AaveAave v3 Liquidity Mining on Avalanche is now LIVE! Migrate belongings over from Aave v2.

Please notice that solely native $USDC & $USDT are listed on Aave v3.

Swap from $USDC.e & $USDT.e to native kinds to deposit.

— Luigi D’Onorio DeMeo🔺 (@luigidemeo) April 19, 2022

It’s additionally necessary to additionally notice that the value of AAVE had additionally surged in March as soon as it launched its model 3 replace that launched help for cross-chain transactions in addition to decreased fuel charge.

The current transfer of launching AAVE V3 on Avalanche comes after the group voted for the deployment on Avalanche again in October final 12 months; a transfer that was knowledgeable by the various DeFi purposes being launched on Avalanche. 

The publish Right here is why the value of AAVE has been rallying over the previous three days appeared first on Coin Journal.

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