Aave, the most popular decentralized finance (DeFi) lending protocol, is in the midst of dominating the skyrocketing $56 billion DeFi lending market. Aave’s latest dominance of $26.4 billion in Total Value Locked (TVL) has a huge presence spanning across seventeen different blockchains. Aave’s native token has been fueling the protocol’s momentum, as it recently spiked to its highest value in three weeks, above $290.
The DeFi lending sector is recovering in a major way! As a result, the Total Value Locked (TVL) has exploded to more than $56 billion, surpassing all-time highs from 2022. Rarely do you see someone with Aave’s influence— Aave is helping lead the way in this booming trend. According to DefiLlama data, currently Aave’s TVL is followed on seventeen different blockchains. Even more impressively, AAVE custodies almost twice as much total assets on its platform than the next 30 competing lending protocols combined.
Aave’s token, called AAVE, faced significant price volatility over the course of Monday and Tuesday. According to Coin Market Cap, the token jumped back from its low of $277.57 to $291.11 representing a gain near 5%. Taken together, this recovery pattern indicates there has been firm buying interest in and around the $277.00-$280.00 price range. These levels can now act as areas of possible support for any subsequent price movement.
During most of the time frame, Aave’s token volume trends were strong. Notably, volume spikes exceeding 2,000 units occurred during the 12:00-12:13 breakout phase. Those spikes in volume mean it’s not thin air—buying interest is real! They further echo Aave’s token remarkable bounce back after session lows seen earlier in the day. The growth in the token’s price comes amid a rapidly heating DeFi lending sector.
