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Monday, January 25, 2021

Gemini now allows users to make Aave Protocol (AAVE) deposits

  • US crypto exchange, Gemini, just listed another DeFi token, Aave Protocol (AAVE).
  • The listing comes only a few weeks after Gemini listed a number of other DeFi coins in a single day.
  • While the token is now supported by the exchange and can be deposited, trading has yet to commence.

The DeFi market is suffering another wave of strong corrections, but despite this, it still continues to advance in other ways. One example comes in the fact that the US exchange, Gemini, just listed Aave Protocol (AAVE), and it now allows users to make deposits.

Gemini makes AAVE available for deposits and custody

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With the AAVE listing, Gemini has made yet another new addition to its growing collection of DeFi tokens. Users can now deposit the coin, and keep it stored in Gemini’s custody.

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The listing was first announced by Tyler Winklevoss, and quickly shared by Aave Protocol’s inventor and CEO, Stani Kulechov, on Twitter. Kulechov noted that Gemini has become the first major exchange to list AAVE and allow custody.

Aave Protocol originally used another token, LEND, as its main crypto. However, the platform recently replaced it with AAVE itself, with the migration starting only a week ago, on October 2nd.

Each AAVE token is worth 100 LEND tokens, with the maximum supply of AAVE being 16 million units. So far, a total of 13 million AAVE tokens have been distributed to lEND holders, and the rest remains as part of the Aave Ecosystem Reserve.

Exchanges are getting even more serious about DeFi

As mentioned, users can deposit AAVE already, although they will have to wait a little while longer in order to start trading.

However, the listing once again proves that Gemini is very serious about DeFi, if this fact wasn’t clear enough a few weeks ago, when it engaged in the biggest DeFi token listing ever.

Back then, the exchange listed numerous new DeFi tokens in a single day. However, the rapid token listing can sometimes backfire, and it already happened to Binance, which listed SushiSwap (SUSHI), only to face a lot of criticism when the project’s owner announced his departure from SushiSwap.

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