Aave News: Crypto assets in the DeFi sector are quickly turning into attractions due to the volatility in the market.
Considered one of the most important among Defi assets, Aave once again attracted attention with its daily trading volume of 383 million dollars on Binance, one of the largest crypto exchanges in the world. The token, which has seen gains of over 10 percent, was changing hands at $313 at noon after seeing some correction from its peak today.
The crypto asset ranks 27th with a capital value of $4.1 billion when measured by market cap. The maximum supply of the coin, which is currently 12,836,610 AAVE in circulation, seems to be 16,000,000.
Over $16 billion in crypto assets are locked in the major DeFi protocol. This makes the project the largest DeFi loan protocol.
Now Aave Pro is being implemented. In this service, people who fulfill the KYC (customer recognition) procedure will be whitelisted and pools subject to permission will be supported and activated. Thus, it is planned to overcome the biggest obstacle in front of companies participating in decentralized finance.
April and May witnessed historical rises for cryptocurrencies included in the Defi sector. In mid-May, a record was seen with a total DeFi capital value of $ 139 billion, while Aave saw ATH with $ 668 at that time. The latest price movements seem to point to a rebound, although now DeFi equity capitalization and Aave price have dropped nearly 50 percent from their peak.
Currently, the $325 and $350 levels for Aave traders seem to be facing two key resistances on the $400 path.
Another important development for the Aave community is the Electronic Money Institution (EMI) license obtained in the UK. Thanks to this license, Aave will enable its users to switch from traditional currencies to stablecoins and other cryptocurrencies in the UK countries and use these assets in the Aave protocol.
Other important details about Aave and Defi
Aave raised $16.2 million through its ICO (first coin offering) in 2017 with the aim of becoming a decentralized lending platform.
DeFi, which means decentralized finance, is a crypto ecosystem that includes financial applications designed on blockchain platforms.
Cryptocurrencies in the Defi sector are mostly designed using Ethereum codes and often include protocols and financial smart contracts.