Home Aave Aave: What’s Pumping this DeFi Token?

Aave: What’s Pumping this DeFi Token?

Aave has climbed to the moon before its primary competitor, Bitcoin, has even reached the surface of the planet.

Aave: What’s Pumping this DeFi Token? iBase Trading.
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Aave has climbed to the moon before its primary competitor, Bitcoin, has even reached the surface of the planet.

There’s a loan platform called Ethereum-based peer-to-peer lending that lets people earn interest on deposits and borrow assets with a fixed or variable rate of interest. When it comes to business, Aave has a cryptocurrency token called LEND that powers its own in-house money.


As a tradeable asset, the value of LEND shows how much Aave has grown in the new field of decentralized finance. As of this writing, the token hasn’t let its owners down so far into 2019.

This year, the LEND/USD exchange rate went up by 1,500%. Today, the rate hit a new high for the year. It was $0.314. LEND also rose against Bitcoin, which is the most popular cryptocurrency and has a 30% YTD profit. The LEND/BTC rate went up by 1,168 times.

LEND leaves Bitcoin behind with a 1,500% price rally.

The Start of the Aave Rally

This year, the Aave token has made a lot of money because of a bigger rise in the value of crypto. After the global market crash in the first three months of the year, where cryptocurrency tokens collectively lost nearly $200 billion, LEND’s value also dropped by almost 73%, which is a lot.

But the Federal Reserve’s open-ended stimulus policy at the end of March helped the markets get back on their feet again. Bitcoin has risen as much as 170 percent since March, when it hit a low point.

Its competitors, on the other hand, went up because people were just speculating.

LEND was a big winner when the DeFi craze took off. It was a big rise for most of the cryptocurrency tokens used in decentralized finance models in the second quarter. These include staking, lending, and holding.

Another way Aave took advantage of the DeFi hype that was going on in the third quarter was by announcing back-to-back updates. On July 7, the CEO of the Aave platform, Stani Kulechov, added Credit Delegation, which allows depositors to give assets like stablecoin USDT to Aave, but with the goal of giving them to a borrower.

The service allows people to get loans from Aave without having to show any kind of collateral.

A day before the announcement, the LEND/USD exchange rate rose by 27%, which is a lot. It had a few setbacks on its way up.

A Purchase Order for $3M Dollars

Aave’s most recent move to the upside came from a $3 million buy order. It was a tech-focused hedge fund called Three Arrow Capital and a venture capital firm called Framework Ventures that put the money into Aave and got LEND tokens in return for that money.

It moved Aave into third place on a list of the best DeFi projects, according to Dune Analytics. There is $33,00 less in LEND’s worth now than there was when it was at its peak.

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Jane De Leon is a news writer covering all things related to DeFi and NFTs. In the past, she has worked for a well-known Business Newspaper. She originally began investing in Bitcoin after hearing about it from her brother and hasn’t looked back since.