Decentralized finance (DeFi) lending protocol Aave’s governance token surged 84% since its March 16 V3 upgrade, and was trading at US$220.01 at press time, according to CoinGecko data.
See related article: DeFi lending platform Aave to ‘build Twitter on Ethereum’
Fast facts
- Aave is also the top gainer in the past 24 hours with a price jump of over 28%, but its current price is far off its all-time high of US$661.69 set in May 2021.
- Aave’s V3 upgrade included enhancements in decentralization, security and risk management, blockchain interoperability, and reduced transaction fees.
- Open interest in Aave, which refers to outstanding derivative contracts, topped US$163.7 million in the past 24 hours, compared to US$66.14 million before the upgrade.
- Total value locked in Aave has also grown since the upgrade by over 20%, now at US$14 billion across seven chains, including US$9.7 billion in Ethereum.
See related article: Why some big investors are diving into DeFi but others are holding back
