AAVE Excites Investors With 20% Gain As Developments Roll Out
11 Setembro 2024 - 1:00PM
NEWSBTC
With the major cryptocurrencies regaining lost ground against the
bears, the market has returned to the $2 trillion market cap level.
This led to huge gains in the altcoin market as the tokens rode the
bullish wave. AAVE is one of the largest gainers this week with a
whopping 20% uptick. Related Reading: BNB Weekly Active
Addresses Surge Over 6% – Is A Rally On The Way? This is largely
due to the return of bullish sentiment in the market and positive
on-chain development which drove speculation for the token. With
the upcoming release of the consumer price index (CPI) data today,
an optimistic market awaits to jump on the bullish train.
AAVE DAO Eyes New Asset To Deploy On-Chain Yesterday, September 10,
Aave Chan Initiative (ACI) released a proposal to the AAVE
community to include Coinbase’s cbBTC to Aave v3 on both the Base
and the Ethereum Mainnet. According to the proposal,
Coinbase’s entry into the wrapped Bitcoin market brings a “unique
value proposition to the Aave ecosystem.” ACI also points out how
users of Aave will benefit if the proposal passes. Another addition
to the pool of assets Aave supports is better asset diversification
for users, giving them solid and reliable options to put their
money. Overall, the addition of cbBTC on Aave is viewed with
much enthusiasm, however, some members of the community are
hesitant with the current version of the proposal. Midapple
expressed concerns about the proposals, specifically about the
timing and implications the proposal has. cbBTC was announced
almost a month ago with no details about the mechanism behind the
coin. With Coinbase’s centralized nature, the community will
have some difficulty protecting the network against possible
problems of early adoption like low liquidity. In the case of
Coinbase, which is a regulated entity in the United States,
regulatory scrutiny will also affect cbBTC in the future and, by
extension, the Aave network itself. As of writing, no further
revisions have been made to the proposal. The Aave DAO just
deployed a dedicated @ether_fi market on Aave. Users will now be
able borrow stablecoins like $USDC, $pyUSD, and $FRAX against their
@ether_fi weETH liquid staking tokens. pic.twitter.com/s3Met9veuU —
Aave Labs (@aave) September 9, 2024 Another development on-chain is
the deployment of a dedicated Ether.fi market on Aave, introducing
liquid restaking on the platform. According to the thread,
the new addition is a glimpse at Aave v4 which has new features
like dedicated liquidity instances and risk isolation.
Related Reading: Vitalik Buterin Withdraws 760 ETH As Market
Turmoil Strikes Ethereum Possible Correction To Occur Around ~$150
The token’s astonishing drive upward has been due to the market
recovery from the early September slump. Currently, AAVE is right
between the $147-$157 trading range which might provide the bulls
with a strong support level. However, the token’s bullish
momentum is almost spent up, marked by the relative strength index
(RSI) indicating that the bulls are somewhat exhausted.
Investors and traders should monitor the token’s movement in the
coming days as a correction might push the token below $147 before
settling above the latter. Featured image from StormGain,
chart from TradingView
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