Crypto of the day: Aave (AAVE)

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With the immense growth of the decentralized finance (DeFi) industry, Aave has paved the way for cryptocurrency lending. Aave is currently trading around $ 330, and it is the 26th largest cryptocurrency with a market cap of over $ 4 billion.

What is Aave?

Aave is considered the bank of the world by cryptocurrency enthusiasts. The program is built on Ethereum, using the decentralization and security of the Ethereum blockchain. Anyone with internet access can use Aave as a high yield savings account for their cryptocurrency and stablecoins.

Aave also allows anyone to take out loans without approved credit. Instead of using credit to ensure loans are repaid, Aave uses cryptocurrency as collateral. If a user defaults on their loan, their crypto will be sold to repay the loan they received.

There is currently over $ 10 billion in total value locked (TVL) on Aave, making it the largest DeFi program with the most value locked. For comparison, Uniswap has 5.5 billion TVL, yearn.finance (YFI) has 3.2 billion TVL and SushiSwap has

Aave (AAVE) is up 22% in 24 hours

While Aave is still down from its all-time high of over $ 600 during the crypto bull market peak, the coin has performed well in recent weeks. Just 10 days ago, Aave was trading around $ 180, offering returns of almost 100% to those who bought the decline.

Why is the AAVE moving?

Much of Aaves’ bullish movement can be attributed to Aave Pro. Aave Pro is a new feature coming out this month for institutional investors, which will likely increase the total value of Locked Aaves even further. Aave Pro will allow institutions to lend, borrow, and earn interest on Bitcoin, Ethereum, stablecoins, and Aave.

Where to buy Aave

As the blue chip of the DeFi industry, Aave is a relatively accessible token in which to invest. You can buy Aave on leading US exchanges like Coinbase and Gemini, or you can go for the world’s largest crypto exchange: Binance.

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