AAVE, the token behind DeFi lending protocol, has seen a significant price increase in the last few days. These gains have been made possible by whales, who have accumulated over 70,000 AAVE within the past 2 months.
CryptoPotato reported that the upgrade introduced cross-chain portals. This allows users to transfer their assets to other versions of the protocol. The average gas cost for all Aave functions was reduced by 20-25%. AAVE’s price has increased sharply since. It started at $124 on March 16th at 10:00 EST and has since risen to $158. AAVE also functions as a governance token. It gives its holders the right to influence Aave’s development. AAVE reached $661 in May last year, its highest point ever. However, it’s still down 76% since then. On-chain metrics show that users who have held between $152,000 to $1.52m of AAVE since January have accumulated more than $10.5m in tokens.
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