Since the beginning of February, the price of Aave (AAVE) has risen by 76 percent and today the DeFi-token reached a new all-time high of $520. Aave is actually the second-ranked Total Value Locked (TVL) DeFi network and the protocol continues to attract users and outperform its competitors.
Cointelegraph Markets and TradingView data reveals that AAVE rose from $284 on February1 to its current value of $510 when it hit $2.4 billion in 24-hour trading volume.
On January 28, the new rally kicked off when the platform announced the release of the Aave v2 migration tool that helps users to quickly transfer all account details to the updated protocol, including staked tokens and borrowed positions.
Since then, key metrics have gradually improved for the DeFi platform, including the overall volumeof the protocol, which on Feb. 3 set a new record high of $4.957 billion. This moved AAVE into TVL’s second-ranked protocol and only Maker (MKR) currently has a higher TVL.
According to cointelegraph.com, the price of AAVE was further improved on February1 after the team tweeted:“Today is the last day to vote on the AIP to add $BAL on Aave V2.”The community approved the plan on February2, and Balancer (BAL) was added as collateral. AAVE’s price spiked from $284 to $300 soon afterwards.
In AAVE’s parabolic-like rally to $520, institutional-size investors have also played a part, close to Bitcoin.According to Treyce Dahlem, a research analyst at TheTIE, “big players and institutions” who are “becoming increasingly more interested in DeFi” have supported the recent “90% surge in AAVE price within the past wee”