Aave's Price Rose 20,000% in Ethereum's DeFi Explosion

Aave's outrageous gains have pushed it towards the top 20 coins by market cap and have secured its place as the number 1 DeFi platform.

2 min read

Aug 26, 2020

Popular DeFi lending Aave (LEND) is booming once again today, after racking up a further 16.2% growth in the last 24 hours to reach its current value of $0.841.

Aave has been on an almost unrelenting uptrend for almost a year now, and has seen its price climb from $0.0043 a year ago, up to its all-time highest value of $0.862 earlier today. In total, this represents a gain of almost 20,000% in the last year—making LEND one of the best performing cryptocurrencies of all time.

Aave's price has shot up. Image: AAVE:USDT on TradingView

LEND has also put on a strong performance in the short term, having gained 44.6% in the last week, 109.8% in the last fortnight, and 211.3% in the last 30 days. This growth positions Aave as the 21st largest cryptocurrency by market capitalization, with a market cap just north of $1.06 billion.

This growth appears to be a direct consequence of Aave's rapidly growing popularity as a DeFi lending platform—since the total value of cryptocurrencies locked up in the platform has multiplied more than ten-fold in the last two months. As per stats from DeFi Pulse, Aave is now the most successful DeFi platform with around $1.52 billion in cryptocurrencies locked in the protocol.

Aave isn't the only DeFi cryptocurrency to have shot through the roof this morning. Other smaller DeFi platforms including Serum (SRM) and YFII-Finance (YFII) have also gained more than 10% today. Reserve Rights Token (RSR) is up 7% since yesterday after being listed on Binance, whereas micro-cap DeFi asset OpenPredict (OPT) is up 38.6% in the last day.

Overall, there is now more than $7 billion in cryptocurrencies locked up in DeFi—a gain of more than 600% in the last 3 months. Another sign of a growing bubble.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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