Aave (AAVE) Soars as GHO Launches; Market Cap Grows to $14B

• AAVE is a decentralized finance (DeFi) platform built on Ethereum that allows users to earn interest, borrow and lend crypto assets.
• The token native to the AAVE protocol is known as the Aave token (AAVE), which has seen explosive growth in market capitalization in recent months.
• AAVE, formerly known as ETHLend, was founded by Stani Kulechov in November 2017 and raised $16.2 million through an ICO round.

The DeFi revolution has taken the world by storm, with projects like Aave (AAVE) leading the charge in terms of innovation and adoption. Aave is a decentralized finance (DeFi) platform built on Ethereum that allows users to earn interest, borrow and lend crypto assets. The token native to the Aave protocol is known as the Aave token (AAVE), which has seen explosive growth in market capitalization in recent months.

AAVE was founded by Stani Kulechov in November 2017 and raised $16.2 million through an ICO round. The Aave Companies have provided an update on the development of their own stablecoin called GHO. This includes the GHO technical paper and details on the first GHO audit. In December 2022, the AAVE token, which is native to the money market protocol, began to rebound as the decentralized autonomous organization (DAO) prepared to launch GHO. The token’s recovery is quite noteworthy in the context of the DeFi market losing nearly $100 billion in total value locked (TVL) during the summer 2022 crypto crash.

At the time of writing, the price of AAVE sits at $84.39, which is an increase of 2.7% from the previous day. The total supply of AAVE sits at 16,000,000 coins, and the circulating supply is 14,000,000. Over the past 24 hours, the price of Aave (AAVE) has risen with a trading volume of $309,088,580.

It is clear to see that Aave is on a path of steady growth and is quickly becoming one of the most popular DeFi projects. With the launch of GHO, the Aave protocol could become even more popular, as it would provide users with a stablecoin option on the Aave platform. As the DeFi space continues to grow, it will be interesting to see how Aave and the AAVE token fares in the coming months and years.