$AAVE, a prominent player in the decentralized finance (DeFi) space with close to $12 billion in total value locked (TVL), has rolled out its V3 version on the Ethereum Layer 2 network, ZKSync Era.
This network leverages zero-knowledge technology to enhance both scalability and privacy, setting the stage for a new era in DeFi innovation.
The introduction of Aave V3 on ZKSync Era brings the platform to a Layer 2 solution that already commands over $850 million in TVL. This strategic move is poised to enhance liquidity and expand yield opportunities within ZKSync’s growing DeFi ecosystem.
By merging Aave’s dynamic money market capabilities with ZKSync’s robust privacy features, the platform aims to facilitate new institutional use cases and privacy-focused DeFi applications.
The Aave DAO has given the green light for the use of USDC, USDT, WETH, and wstETH in the initial launch on ZKSync Era. Moreover, any airdrops from the ZKSync ecosystem will be distributed to Aave users through liquidity mining, further incentivizing participation.
This deployment on ZKSync Era is anticipated to unlock significant opportunities for privacy-centric DeFi applications. Additionally, Aave’s social media protocol, Lens, is preparing to migrate from Polygon to ZKSync in Q4, signaling a broader strategic alignment with privacy-focused technologies.
AAVE EXPANDS TO ZKSYNC ERA: DETAILS…
– @aave, a leading DeFi lending platform with nearly $12 billion in total value locked, launched its V3 version on @zksync Era. This Ethereum Layer 2 network uses zero-knowledge technology to enhance scalability and privacy.
Key Details:… https://t.co/Apw8bILEA4 pic.twitter.com/dl2XMvdeBW
— BSCN (@BSCNews) August 22, 2024
$AAVE Price Hits New Highs With Over 30% Increase
In market news, the price of $AAVE surged to $140 on August 21, marking a 30% increase over the past week. Despite this rise, buying pressure from Smart Dex Traders (SDTs) and whales remains robust, with their balances increasing over the past 24 hours.
https://twitter.com/iCryptoAI/status/1826509360006398457?t=rWi35FrrjkXivgwwmpLCKQ&s=19
Notably, a whale recently spent 4,000 $stETH (equivalent to $10.4 million) to acquire 77,270 $AAVE at $135 in a single day, as reported by Lookonchain.
Crazy buying of $AAVE!
This whale spent 4,000 $stETH($10.4M) to buy 77,270 $AAVE at $135 in just 1 day!
Address:
0xa923b13270f8622b5d5960634200dc4302b7611e pic.twitter.com/jSMKOiTT0Z— Lookonchain (@lookonchain) August 22, 2024
However, analyst Ali Martinez warns that the TD Sequential indicator on the daily chart for $AAVE is flashing a sell signal, a pattern that previously led to an average 27% correction. This suggests that a potential price drop may be on the horizon for $AAVE.
The last four times the TD Sequential flashed a sell signal on the #AAVE daily chart, it was followed by an average correction of 27%. The same sell signal is now appearing, suggesting a potential drop for $AAVE. pic.twitter.com/12yZwLT5tp
— Ali (@ali_charts) August 21, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: itchaznong/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/aave-expands-defi-presence-by-launching-v3-on-zksync-era-smart-money-accumulates-aave/