DeFi: AAVE reaches new high of $520

DeFi: AAVE reaches new high of $520

Open source DeFi Protocol’s Aave token (AAVE) reached a new all-time high of $520 with a 45.5% surge in price in the past 24 hours. In the last seven days, the DeFi token saw a 76% spike in price.

AAVE, which is the 15th largest coin by market cap, increased to the $500 range from $284, on 1 February. Additionally, AAVE’s 24-hour trading volume reached $2.4 billion, at the time.

The price of AAVE may have increased after the project released the Aave v2 migration tool, in order to facilitate migration of user account information, their staked tokens as well as borrowed positions, to the updated protocol. Recently, on 1 February, an update from its project team stated:

Today is the last day to vote on the AIP to add $BAL on Aave V2.

A day after the announcement, the community passed the proposal following which, they added Balancer (BAL) on Aave 2. At the time, AAVE rallied from $284 to $300.

Meanwhile, AAVE’s DeFi platform also saw a surge in total value locked. TVL stood at $4.96 billion according to DeFi pulse. The project ranks second after Maker, which has $5.16 billion in TVL.