This summer, $AAVE has seen a significant rise, nearly doubling in value against ETH and climbing 50% in dollar terms, fueled by the excitement surrounding a new “Aavenomics” update proposal.
The update aims to reduce risks and enhance rewards for stakers by utilizing revenue instead of relying on inflationary yields, a move that has caught the attention of the crypto community.
$AAVE has been on the rise this summer, nearly doubling against ETH and up 50% in dollar value after a new “Aavenomics” update was proposed. T@aave plans to reduce risks and increase rewards for stakers by using revenue instead of inflationary yields.
SC: @intotheblock pic.twitter.com/IWoRY3MCLe
— Satoshi Club (@esatoshiclub) August 23, 2024
Whales have been actively accumulating $AAVE, with recent data from Lookonchain revealing that a whale withdrew 15,747 $AAVE (valued at $2.12 million) from Binance today. This whale, however, has a mixed trading history, having previously traded $LDO and $PENDLE but incurred significant losses—$1.54 million (a 54% loss) on $LDO and $640,000 (a 39% loss) on $PENDLE.
A whale withdrew 15,747 $AAVE($2.12M) from #Binance 1 hour ago.
This whale also traded $LDO and $PENDLE before but lost money on both.
He lost $1.54M(-54%) on $LDO and $640K(-39%) on $PENDLE.https://t.co/SxZuPS1gw0 pic.twitter.com/FL9Ob139eh
— Lookonchain (@lookonchain) August 23, 2024
$AAVE Bullish Sentiment Grows Bigger, Influenced By The Launch Of AAVE V3
The bullish sentiment surrounding $AAVE is further bolstered by the debut of Aave V3 on the Era Mainnet, powered by @zksync. This integration promises to unlock unprecedented scalability, privacy, and security, expanding the DeFi user base and opening up new institutional use cases.
Aave V3 is debuting on Era Mainnet, powered by @zksync, unlocking unprecedented scalability, privacy, and security while expanding the DeFi user base and new institutional use cases. pic.twitter.com/blNlUjsalX
— Aave Labs (@aave) August 21, 2024
As part of this integration, @chainlink will be providing secure and reliable price feeds, ensuring that Aave’s operations are supported by accurate and trustworthy data. The integration was deployed by @bgdlabs on behalf of Aave DAO, with risk analysis conducted by @chaos_labs, adding another layer of security to the platform.
Additionally, the @AaveChan Initiative will play a key role in coordinating @GHOAave incentives on behalf of Aave DAO. This will involve redistributing any airdrops received from the ZKsync ecosystem through liquidity incentives, safety module deployments, and Merit programs, further enhancing the value proposition of $AAVE for its community.
With these developments, $AAVE is positioning itself for continued growth, making it a token to watch in the evolving DeFi landscape.
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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Source: https://nulltx.com/aave-soars-amid-aavenomics-update-and-major-developments-on-era-mainnet/