AAVE Price Jumps 9% Following Launch On ZKsync Era Mainnet

AAVE price has soared 9% after the platform announced the launch of v3 on Era mainnet. This is backed by ZKsync technology and tipped to usher in a new phase of liquidity and yield generation compatibility. Trading activity after the announcement marks an uptick against top assets.

V3 Launches on Era Mainnet

Decentralized finance (DeFi) protocol Aave launched its V3 on Era Mainnet with transactions backed with ZKsync technology. In an Aug 21 release, the company highlighted utilities including liquidity and yield generation models. Through zero-knowledge technology, users can tap both low-cost transactions and security via cryptographic validity proofs from Ethereum.

ZKsync will offer improved scalability in the DeFi space as the platform seeks wider adoption. In addition to the partnership, Chainlink will provide secure price feeds. Chainlink price feeds ensure that market data for DeFi protocols are both accessible and reliable. Johann Eid Chainlink’s Chief Business Officer explained the impact of both Aave and ZKsync in the ecosystem bringing value to the space.

“Aave V3’s deployment on Era Mainnet brings together a foundational DeFi protocol and a pioneer that is pushing the zero-knowledge space forward, which is a major step forward for our industry, and Chainlink Price Feeds are playing a key role in ensuring that the market data powering the protocol is ultra-reliable and accessible.”

This announcement has sparked bullish traction around the AAVE price taking a massive leap above several assets in day trading. 

AAVE Price Soars 9% 

AAVE prive recorded 9% gains following the announcement amid sideways trading from major crypto assets. This inflow takes weekly figures above 29% while its daily volumes jumped 17%. According to crypto analyst Ali Martinez, the last four times a sell signal flashed by TD Sequential, an average correction of 27% was corrected with the signal now appearing.

Looking forward, Stani Kulechov, the co-founder and CEO of Aave pointed to new opportunities including institutional use cases.

“This integration marks a pivotal moment for both the Aave and ZKsync communities, providing opportunities for increased access, collaboration, and innovation. By combining ZK-proofs and the unified Elastic Chain ecosystem, Aave can unlock unprecedented scalability, privacy, and security, expanding the DeFi user base and new institutional use cases.”

Per the release, the Aave deployment will improve privacy-focused applications and leverage multiple compatibilities of the platform. 

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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