CRYPT — While the total value of all cryptocurrencies is down 0.10% today, decentralized lending technology Aave holds the most promise among altcoins. the last 24 hours.
Over the past month, the coin’s value has soared over 45% and it has continued to rise. Aave is currently one of the biggest winners from the recent price increase, and it is trying to recoup some of the losses it has suffered over the past year. It’s not unbelievable that the protocol’s increased focus on V3 engine innovation is driving this expansion. The number of assets in which Aave users can invest or provide liquidity to increase productivity has increased over the past week.
Many improvements have been made to the Aave platform which have made it easier to use. Compared to more general market segments like exchanges and memecoins, the decentralized lending solution that Aave is known for has relatively less competition. Due to its consistency and first-mover advantage, Aave has become an unnoticed protocol for many users while being one of the premier lending platforms in the decentralized finance (DeFi) market.
The platform has stood the test of time, changed with Ethereum when it transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS), and continued to be cutting edge by introducing a stablecoin (GHO) and subsequent iterations of its lending infrastructure. Its close relationship with Ethereum has also made it one of the most liquid lenders, giving it an edge over competing businesses hosted on other networks. Aave is up over 43% year-to-date (YTD) so far this year.