Active Addresses for Aave Double, Boosting On-Chain Growth

• Aave’s on-chain activity has doubled in active addresses compared to three months ago.
• Aave’s new “Skyward” service aims to streamline proposal navigation for DAO members.

IntoTheBlock reported in a tweet that Aave’s on-chain activity has increased dramatically this month, with the number of active addresses doubling since three months ago. This significant spike in on-chain activity has pushed Aave’s native token, AAVE, into the spotlight, placing it among the top three gainers today.

On-chain activity for $Aave has surged this month, with the number of active addresses doubling compared to three months ago. pic.twitter.com/uox73kQmT6

— IntoTheBlock (@intotheblock) August 20, 2024

AAVE Breaks Accumulation Zone, Eyes $200 Target 

AAVE has risen by 16.84% over the last 24 hours, reaching $128.63, representing an amazing 34.68% growth over the previous seven days.

Furthermore, the protocol’s daily transaction volume has skyrocketed by 118.90% in the last 24 hours, reaching $322.39 million. The market’s overall positive mood is driving this increase in price and volume, which suggests that AAVE is becoming more popular.

One popular trader, Luuk, noted that AAVE had broken through an 805-day accumulation zone, implying that a significant rally is on the way.

Several analysts concur, suggesting that this might be the start of a powerful rally that will take the token back to its prior all-time high (ATH). The $200 mark is currently regarded as the nearest target in this upward movement.

On the other hand, CNF earlier noted that Aave has introduced a new service named “Skyward,” which was created by the Aave-Chan Initiative (ACI). Skyward is a free service meant to help Aave DAO members traverse the proposal process more efficiently, resulting in increased participation in governance.

Furthermore, Marc Zeller, the founder of AAVE Labs, has offered a fresh proposal, which has spurred renewed interest in the protocol ecosystem. This proposal seeks to launch a “fee switch” and “buy back tokens” from the open market, potentially increasing the value of AAVE over time.

The idea also allows third-party protocols and networks to strengthen user security by “restaking” the Aave protocol. This move could strengthen Aave’s position as a leader in the decentralized finance (DeFi) market, drawing more users and improving the token’s utility and value.