Aave to Indian Rupee
1 AAVE 6,315.59 INR
-214.22 (-3.39%) today
to Converter
Live Aave Chart
Trends over time
1 Day
6,529.81 INR
(-3.39%)
1 Week
6,252.39 INR
(1%)
1 Month
7,422.4 INR
(-17.53%)
1 Year
11,834.53 INR
(-87.39%)
What is Aave?
Aave (AAVE) is an Ethereum-based DeFi lending and borrowing protocol. It is a decentralized non-custodial platform that eliminates the need for third-party intermediaries and enables users to lend, borrow, and earn interest on crypto assets.
AAVE token serves as the Aave protocol's native governance token and is one of the most popular DeFi tokens. The Aave protocol uses a DAO (Decentralized Autonomous Organization), an innovative way for businesses and individuals to collaborate in a decentralized economy. This revolutionary concept utilizes smart contracts, which are governed by the AAVE token holders who cast their votes using these tokens - giving them power comparable with that taken from traditional leaders like boards or executives.
Lenders can earn interest on their deposits on the platform, and borrowers have the opportunity to utilize their cryptocurrency holdings as collateral when borrowing various cryptocurrencies supported by Aave. In addition, Aave provides "flash loans," letting users borrow money and repay it all at once. At this time, it is possible to borrow and lend more than 30 different cryptocurrencies.
Is Aave a good investment?
In recent years, lending cryptocurrency through services like Aave has emerged as one of the best ways to get passive income in the cryptocurrency market. Aave is still expanding operations outside DeFi with the introduction of Lens Protocol, a decentralized social media platform built on Polygon that enables users to save their content as NFTs.
Aave plans on introducing its stablecoin, GHO, soon. The addition of GHO will increase stablecoin borrowing on the Aave Protocol's competitiveness. Most price estimates about Aave show a moderate rise, but it is favorable for holding due to the possibility of a jump in the future.
Historical growth of Aave
Stani Kulechov began Aave in 2017. The company, originally titled ETHLend, raised $16.2 million in a 2017 ICO (Initial Coin Offering) and sold 1 billion units of its AAVE cryptocurrency, originally branded LEND. In 2018, ETHLend rebranded as
Aave.
Aave users voted in 2020 to migrate LEND as an Aave token worth 100 LEND per 1 Aave. By 2020, Aave's TVL (Total Volume Locked) made it the fourth-largest DeFi platform. Later that year, Aave tokens cost 50 USD each. Its year-end price hit 88 USD per token despite variations. In May 2021, Aave reached its all-time high of 666.86 USD per token.
Despite the significant price rise in 2021, the price of Aave has been moving in a bearish direction throughout the first quarter of 2022 due to bitcoin's fall in price. Aave's peak price was 276.74 USD in January 2022, which has since fallen. Despite price trends, Aave remains one of the top cryptocurrencies to monitor this year. As of June 2022, Aave costs around 59USD per token and has an 832 million USD market cap. The beginning of Aave Arc's operations in 2022 contributes to the company's ongoing difficulties.
How and when to buy Aave
AAVE can be acquired through the use of cryptocurrency exchanges such as Binance and Coinbase. In a manner analogous to platforms for trading stocks, these specialized marketplaces allow users to purchase and sell cryptocurrencies. You should buy AAVE when the price begins to build momentum for an upward trend. Keep a close eye on the market for the most advantageous entry.
Interested in Aave?
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