DeFi Token AAVE Jumps 10% On Avalanche Liquidity Tie-Up

 DeFi Token AAVE Jumps 10% On Avalanche Liquidity Tie-Up

AAVE, the native token on the eponymous DeFi platform, surged on Wednesday as liquidity mining through its latest version went live on Avalanche. The token also successfully breached a resistance trendline, and may be poised for more gains.

AAVE rose 10% in the last 24 hours, and was trading at an over one-week high of $187.30. The token outpaced an overnight recovery in most other cryptocurrencies.

Total value locked (TVL) on the platform also rose 0.2%. The protocol is the fifth-largest DeFi player by TVL, according to data from Defi Llama.

Given its prevalence in the DeFi space, the AAVE token is also consistently used by ETH whales to execute smart contracts. Data from Whalestats showed the token was the fourth-most used smart contract by ETH whales in the past 24 hours.

The token had rallied in March after the platform launched its version three update, which trimmed gas costs and introduced support for cross-chain transactions.

AAVE version 3 liquidity mining goes live on Avalanche

Ava Labs head of DeFi @luigidemeo said AAVE V3 liquidity mining is now live on the Avalanche blockchain. AAVE users will now be able to provide liquidity to DeFi protocols on Avalanche, and earn rewards for doing so.

The move comes after the AAVE community voted in favor of deploying on Avalanche in October. The deployment was covered by a $180 million DeFi incentive program launched by Avalanche earlier in 2021.

Currently, AAVE V3 is only accepting deposits in native USDC and USDT. The platform will also eventually phase out incentives for users on older versions of the protocol.

AAVE successfully breaches resistance trendline

Crypto analyst @rektcapital noted that the token had successfully breached a resistance trendline at around $157.1. The token now has a strong chance at reversing its recent losses.

AAVE poised for more gains?
Source: @rektcapital

This is the 1st time since 2021 that AAVE has been able to successfully retest the orange diagonal as support

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With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn’t trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns.
You can reach him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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