Aave Address Count On Optimism Rapidly Growing, Will Price Rise To New 13-Month High?
19 Oktober 2024 - 12:00AM
NEWSBTC
Aave, the decentralized lending platform, is among the largest DeFi
protocols by total value locked (TVL). Over the years, despite the
crypto price boom and bust cycle, the platform has operated
flawlessly without any technical hitches. Aave User Address Grew By
675% In One Week Since the beginning of the year, Aave has
dominated headlines, mostly around its price performance and rising
TVL. However, looking at other metrics, the lending platform is
performing solidly. Related Reading: Bitcoin Price To $95,000?
Here’s What Needs To Happen First According to Santiment, Aave on
Optimism is the fastest-growing protocol on their watch among
platforms, commanding at least $500 million in TVL. The number of
Aave addresses on Optimism grew by 675%, roughly twice that of
KuCoin tokens (KCS). At this pace, Aave outperformed
Maker–another lending and borrowing protocol on Ethereum, Chainlink
on Optimism, and Raydium–a top decentralized exchange (DEX) on
Solana. Of note, Chainlink on Optimism and Raydium grew over the
last week by 100%. The fact that Aave on Optimism grew faster than
Raydium, the top DEX on Solana, is a milestone. By default, any
meme coin launching on Pumpfun that achieves at least 69 SOL
automatically lists on Raydium. Although only a small percentage
graduate and are listed on Raydium, tens of thousands of meme coins
launch on the meme coin launchpad on Solana. Santiment now thinks
AAVE prices may likely benefit from this growth. Pointing to
historical performance, the sentiment analytics platform said there
is usually a strong correlation between rising utility and
consistent growth with long-term gains. According to Dune, there
are over 49,800 unique daily users of Aave v3 on Ethereum. Over the
last two days, there were 70 new users. While there is growth in
the number of cumulative users, as expected, the number of new
users remains steady. Will Prices Rise To Fresh 2024 Highs? AAVE is
trading above $150, trending at around 2024 highs. Although the
token is in an uptrend, prices have moved sideways over the past
four weeks. Technically, a close above $180 could drive demand,
lifting prices to new 2024 highs in the coming days.
Possible drivers include the recovery of DeFi and other
project-related factors. As of October 17, 56% of all cbBTC–the
Bitcoin stablecoin by Coinbase–was locked in Aave. Related Reading:
Market Data Hints At 500x XRP Rally In Upcoming Altcoin Season The
protocol also plans to launch a new Merit Program for cbBTC. Those
who borrow USDC by issuing cbBTC as collateral will receive more
rewards if they move their debt from USDT to USDC. Moreover, those
who switch from wBTC to cbBTC collateral will receive additional
collateral. Feature image from UnSplash, chart from TradingView
Solana (COIN:SOLUSD)
Historical Stock Chart
Von Sep 2024 bis Okt 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
Von Okt 2023 bis Okt 2024