DeFi token Aave (AAVE) breaks all-time price record

Aave (AAVE) price continues its uptrend for weeks with increasing momentum. DeFi-token, which was traded at $ 265 at the time of the news release, reached an all-time high of $ 288.90 on January 24.

The decentralized finance protocol is one of the most popular DeFi tokens on the market. As reported by Cointelegraph, a new record was set in the DeFi industry. AAVE was one of the names that gave power to this latest uptrend.

Daily candlestick chart for the AAVE / USDT pair. Source: TradingView

At the beginning of 2021, the AAVE price was trading at $ 83. The increase in the value locked in the protocol day by day, the increase in the trading volume in the spot and derivative exchanges and the development of the rapid lending platform on Aave seem to support the price positively.

New peak in total locked amount

According to DeFi Pulse data, the total amount locked in the Aave protocol was calculated as $ 2.03 billion on January 1. While there is a parabolic rise in the price of Bitcoin (BTC) and Ether (ETH), it is observed that the assets locked on the Aave platform are also rising.

Total value locked on AAVE. Source: DeFi Pulse

At the time of publication, the total locked assets in the Aave protocol reached an all-time high of $ 3.75 billion. The platform has become the second largest DeFi platform after Maker (MKR).

What is Staking? Is Staking Profitable?

Locking cryptocurrencies to the system and gaining profit is called “staking” or “staking”. The staking method is frequently used in networks where the Proof-of-Stake (PoS) consensus algorithm is applied. Network participants can earn money by promising to keep their cryptocurrency in their wallet for a set period of time. Coins locked in the system cannot be transferred for the specified period and cannot be used in another transaction.

For detailed information: What is staking? How can you earn money with coin staking?

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