Top Decentralized Finance (DeFi) coins such as AAVE have been outperforming over the past day. Although Bitcoin and Ethereum are both massively up today, AAVE is up 18.5 percent on its own in the last 24 hours. This success makes it the best-performing digital asset in the top 100 market capitalization. AAVE is now up by approximately 10% on the week, per CoinGecko data.
This rally highlights the growing interest in DeFi, which has continued to build fundamental strength through shaky price action. The number of DeFi users are forecast soon to hit 1 million, which is estimated to be one of the first crypto technologies to be adopted by many. Aave stands to benefit from this trend as it sits at the core of the ecosystem as a money market for lending and borrowing.
In the last 24 hours, Ethereum has gained about 5 percent, pushing to $580 for a couple of days after consolidating below $540. Such gains are trickling down to top coins based on Ethereum, such as AAVE.
AAVE is one of DeFi’s leading Ethereum-based cryptocurrencies, with a $890 million value. It is a governance token that helps users to monitor the Aave protocol; in the case of a glitch, the coin is often used as a backstop for the protocol. This latest leg higher comes as Aave has set a key milestone. As pointed out by Marc Zeller, who is part of the Aave core team:
“The 3 comas club has a brand new member with the @AaveAave Flash loans. 1 Billion thanks to all the devs being pioneers of innovation, @DeFiSaver @fifikobayashi, and all the others. Can’t wait to see y’all all experiment with Seamless Loans made possible with @AaveAave v2.”