Aave Sets A New All-Time High, Increased 72% In A Few Days

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Aave
Aave

The decentralized finance giant Aave reached its new all-time high price at $520 today. It witnessed a massive 72% surge in its price as compared to the initial days of February. The DeFi token is considered the second most significant decentralized finance platform. The current TVL or ‘Total Value Locked’ of the platform is $4.96 billion. The popularity of the DeFi protocol is increasing steadily especially from this year.

TVL Of Aave Reaches $4.96 Bn

Data released by TradingView and Cointelegraph shows that the DeFi token has rallied up to its price from $284 to $510 within a few days of February. The trading value for Aave surged to $2.4 billion within 24 hours.

According to a report, Aave witnessed massive progress after it launched the Aave v2 migration tool. The migration tool enables the users to transfer account data and information along with borrowed positions and the staked tokens to the updated version of the protocol very easily.

After the launch of the migration tool, the metrics for the platform increased significantly. The $4.957 TVL is the new record all-time high for the protocol. 

The executives of the DeFi also informed that on 2nd February they made an announcement about adding Balancer (BAL) on Aave V2. As a result, the price for the token took a straight jump to $300 from $284.

Reportedly, multiple noteworthy investors are behind this significant surge of the DeFi token. An analyst of The TIE, Treyce Dahlem has informed that the token had a 90% rise recently which was possible because of the influence of important institutional investors. The parabolic increase of the DeFi token’s price undoubtedly hints at the growing interest of big investors. Dahlem added that the recent inclusion of the platform in the Bitwise 10 Large Cap Crypto Index has also influenced its dramatic price surge.

As decentralized finance keeps getting wider acceptance among investors, Aave is creating a buzz in the market for its remarkable growth.