Aave,thedecentralizedlendingplatform,isamongthelargestDeFiprotocolsbytotalvaluelocked(TVL).Overtheyears,despitethecryptopriceboomandbustcycle,theplatformhasoperatedflawlesslywithoutanytechnicalhitches.
AaveUserAddressGrewBy675%InOneWeek
Sincethebeginningoftheyear,Aavehasdominatedheadlines,mostlyarounditspriceperformanceandrisingTVL.However,lookingatothermetrics,thelendingplatformisperformingsolidly.
AccordingtoSantiment,AaveonOptimismisthefastest-growingprotocolontheirwatchamongplatforms,commandingatleast$500millioninTVL.ThenumberofAaveaddressesonOptimismgrewby675%,roughlytwicethatofKuCointokens(KCS).
Atthispace,AaveoutperformedMaker–anotherlendingandborrowingprotocolonEthereum,ChainlinkonOptimism,andRaydium–atopdecentralizedexchange(DEX)onSolana.Ofnote,ChainlinkonOptimismandRaydiumgrewoverthelastweekby100%.
ThefactthatAaveonOptimismgrewfasterthanRaydium,thetopDEXonSolana,isamilestone.Bydefault,anymemecoinlaunchingonPumpfunthatachievesatleast69SOLautomaticallylistsonRaydium.
AlthoughonlyasmallpercentagegraduateandarelistedonRaydium,tensofthousandsofmemecoinslaunchonthememecoinlaunchpadonSolana.
SantimentnowthinksAAVEpricesmaylikelybenefitfromthisgrowth.Pointingtohistoricalperformance,thesentimentanalyticsplatformsaidthereisusuallyastrongcorrelationbetweenrisingutilityandconsistentgrowthwithlong-termgains.
AccordingtoDune,thereareover49,800uniquedailyusersofAavev3onEthereum.Overthelasttwodays,therewere70newusers.Whilethereisgrowthinthenumberofcumulativeusers,asexpected,thenumberofnewusersremainssteady.
WillPricesRiseToFresh2024Highs?
AAVEistradingabove$150,trendingataround2024highs.Althoughthetokenisinanuptrend,priceshavemovedsidewaysoverthepastfourweeks.Technically,acloseabove$180coulddrivedemand,liftingpricestonew2024highsinthecomingdays.
PossibledriversincludetherecoveryofDeFiandotherproject-relatedfactors.AsofOctober17,56%ofallcbBTC–theBitcoinstablecoinbyCoinbase–waslockedinAave.
TheprotocolalsoplanstolaunchanewMeritProgramforcbBTC.ThosewhoborrowUSDCbyissuingcbBTCascollateralwillreceivemorerewardsiftheymovetheirdebtfromUSDTtoUSDC.Moreover,thosewhoswitchfromwBTCtocbBTCcollateralwillreceiveadditionalcollateral.
FeatureimagefromUnSplash,chartfromTradingView
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