DeFi token AAVE rose 12% today to approach $ 500 levels, and not much is left to its all-time high of $ 550. The overall cryptocurrency market has surged 5% today and at this point it’s time to take a look at some of the best performing DeFi tokens as well.
DeFi interest is on the rise again
Currently, AAVE is trading at a price of $ 483, with market capitalization exceeding $ 6 billion. In addition, the total value locked (TVL) in AAVE also exceeded $ 9.5 billion for the first time.
AAVE TVL has increased by 5% in the last 24 hours and more than 50% since April 26, according to data on DeFi Pulse. As of now, AAVE alone contributes 14% of the overall TVL of the DeFi market.
During the DeFi market rally in 2021, AAVE performed very strongly. The AAVE price has gained over 400% to date. Also, the big increase in AAVE transactions came with the launch of the Polygon sidechain in Ethereum.
AAVE operations increased even more with the launch of Polygon
Last week we saw a huge increase in the use of DeFi liquidity protocol AAVE, with the launch of Polygon, a side chain of Ethereum. According to Dapp Radar’s current data, the AAVE transaction volume has increased by 24% to $ 58 million in just the last 24 hours.
Looking at the AAVE statistics below, we see that the number of users in AAVE has increased by about 100% in just the last seven days. On the other hand, the trading volume increased by 500% to $ 798 million on the 7-day chart.
In addition, the total number of transactions increased by 150% to over 43,000 transactions in the past seven days. DeFi implementations on Polygon are currently developing as they offer a cheaper alternative to the increased ETH transaction fee. In addition to offering higher throughput and lower GAS fees, Polygon is also interested in infrastructure development and scaling in Ethereum.