Aave V3.1 Launches to Enhance Protocol, AAVE Price Gains

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As a seasoned crypto investor with a decade of experience under my belt, witnessing the evolution of DeFi platforms has been nothing short of fascinating. The recent announcement of Aave V3.1 going live on all supported networks is undeniably a significant milestone not only for Aave but for the entire DeFi ecosystem.

As someone who has been following the world of decentralized finance (DeFi) for quite some time now, I am thrilled to learn that Aave V3.1 is now live on all supported networks. Having dabbled in DeFi myself, I can appreciate the importance of a robust and user-friendly platform like Aave. The announcement of this significant upgrade, which is being touted as the largest value code upgrade for a DeFi liquidity protocol to date, fills me with excitement about the future of this dynamic sector.

Additionally, Aave V3.1 represents enhanced coding across all Ethereum Virtual Machine (EVM) markets, boasting a combined asset value exceeding $21 billion.

You can find the Aave protocol deployed across various networks such as Binance Smart Chain, Polygon, Avalanche, Fantom, Optimism, Near, and several others.

Thanks to Aave V3.1 now being live across all compatible EVM networks, users benefit from improved security, streamlined operations, and user-friendly features. This advancement positions Aave as a stronger competitor among DeFi lending protocols, especially as the use of digital assets becomes more mainstream.

Currently, the Aave system has helped users borrow over $8.7 billion worth of assets. The combined value locked within this protocol exceeds $13 billion. To date, the Aave community has expanded to include over 163,000 members.

The Aave community has updated its codebase to a more advanced version throughout all Ethereum Virtual Machine (EVM) markets, managing assets worth over $21 billion in total.

This has been the largest value code upgrade for a DeFi liquidity protocol to date.

— Stani (@StaniKulechov) July 31, 2024

Impact on AAVE Price Action

The AAVE price has increased by nearly 14 percent in the past seven days to trade around $106.77 on Wednesday. The mid-cap altcoin, with a fully diluted valuation of about $1.7 billion and a daily average trading volume of around $157 million, has been forming a macro reversal pattern.

To add on, the value of Aave relative to the U.S. dollar has established a robust support at approximately $72 since the start of the year. Furthermore, for the last four weeks, the Aave price has consistently ended each week above its 50 Moving Average (MA).

Looking technically, the price of AAVE has tried and managed to bounce back at the optimistic level where it broke out from a downward sloping trend that lasted for several weeks.

Should the altcoin regularly close at prices above $104 within the upcoming weeks, a significant zone of potential trading activity can be expected between $144 and $179. This range aligns with the 1.618 and 2.618 daily Fibonacci extensions.

In simple terms, a positive surge (breakout) for Aave is likely to occur soon due to the rising trend (rebound) of the Ethereum/Bitcoin pair. This bullish movement could mark the beginning of the eagerly awaited period of increased activity among altcoins (altseason).

Market Picture

In the past few months, I’ve noticed a gradual reawakening within the Decentralized Finance (DeFi) industry, following a prolonged quiet period instigated by the 2022 crypto bear market. At present, an impressive $100 billion is secured across various blockchains through diverse DeFi protocols – a significant surge of over 100% compared to last October’s figures.

DeFi waking up again 👀✍️

— Token Terminal (@tokenterminal) July 31, 2024

The growing trend among institutional investors and individual traders to embrace digital assets and Web3 technologies has highlighted the importance of continued innovation and study. Additionally, it’s important to note that the Decentralized Finance (DeFi) sector has emerged as a prime target for skilled hackers, potentially draining users’ resources.

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2024-07-31 19:19