Aave, which is one of DeFi lending protocols has been on fire recently. It introduced new features and as a result, the stock value was increased.The total amount locked in Aave reached about $1.3 billion (170%) from August, so it doubled since August 10.
It's important to mention the rise in price. For instance, the LEND token now trades for $0.69. Analyzing these results, we can conclude that liquidity mining isn't necessary for DeFi. The main goals are to attract value, make token prices exciting and bring innovation.
Aave originated from EthLand and launched in January 2020. It made huge progress reaching $18 million dollars. Now Aave is a leading platform offering different DeFi services. The borrowers have an opportunity to access to the stock in a single Ethereum block (nearly 15 seconds).
Crypto traders can make a small profit from flash loans by buying and selling them straight away. So, due to its unique solutions, Aave managed to attract more than $100 million within the very first six months of coming online. After only 2 months, this amount went up to $1 billion.
A short while ago, Aave made an announcement about the final stage for decentralized protocol governance and called it "Aavenomics". Aavenomics is going to convert LEND tokens to AAVE tokens at a rate of 100:1. Aave will also represent unique security features, using AAVE governance tokens as insurance. The users will be able to vote and receive a percentage of fees.
Currently, all the above mentioned are undergoing smart contract audits.
Trending: Ether overcame resistance around $4000Credit delegation allowing authorized users to take loans using third-party assets as collateral, also recently gained traction. Aave is extremely popular at the moment and new features will help its rapid growth.