
Aave in Process of Transforming to DeFi Powerhouse, Co-Founder Says
Aave’s expansion has increased competition among other DeFi projects.
Aave’s expansion has increased competition among other DeFi projects.
The native token of Aave (AAVE) has experienced an 8% decline in the past 24 hours, despite the fundraising efforts disclosed by the CEO of the parent company.
The Open DeFi Alliance supported by the Shanghai Science and Technology Committee seen new members with some of the top DeFi protocols forming a consortium that focuses on innovation, risk management, and liquid strategies.
The new funds raised by Aave will be used for attracting more institutions towards the decentralized finance (DeFi) market as well as further expanding its presence in the Asian market.
Having rallied over 16% in the past 24 hours, Aave (LEND) is trading around $0.849. The rally is attributed to more than one fundamentals but notably, Aeve recently received an Electronic Money Institution license from the UK Financial Conduct Authority.
The partnership proposed by Aave’s Kulechov to tokenize Tesla cars must have been drawn from the determination to get a rub off on TSLA meteoric growth.