• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis Aave

DeFi Token LEND Turns Into AAVE With a 25% Price Surge; What’s Next?

Yashu Gola by Yashu Gola
5 months ago
in Aave
Reading Time: 2min read
DeFi Token LEND Turns Into AAVE With a 25% Price Surge; What’s Next?
Advertisement

The transformation of Aave’s native asset LEND into a new symbol, titled “AAVE,” has begun with a 25 percent price surge.

In retrospect, the team behind Aave announced two weeks ago that it would transfer its ownership of the lending protocol to a “genesis governance” built following a community vote. The ayes came in favor of the protocol upgrade last week.

LEND was the governance token of the previous Aave protocol. The team proposed to convert the old cryptocurrency to the one that would be more compatible with the genesis governance built. Hence, AAVE came into existence.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The so-called token swap started late last week at the rate of 1 AAVE per 100 LEND. Multiple exchanges integrated AAVE into their platforms, allowing traders to speculate on its value as they were doing with LEND.

aave lend

AAVE/USD rose from $43.77 to $54.99 in just six days of trading. Source: TradingView.com

AAVE Rally Begins

The first days of LEND trading on Gemini exchange met with explosive buyouts. The US exchange reported a circa 23 percent price increase in the early three days. After a natural downside correction later, the AAVE/USD exchange rate resumed its uptrend and formed a local top about 25 percent higher – at near $54.99.

The gains came as traders assessed the Aave’s switch to a more decentralized protocol. That allowed the project to stand out among other lending and borrowing startups in the decentralized finance space.

Profits for the new AAVE also poured in alongside a market-wide rebound. A rally in the Bitcoin market prompted alternative cryptos to follow suit – as has happened throughout the history of altcoins.

Simultaneously, traders also went long on LEND trades after the project announced that it had received a high-profile monetary backing.

Mainstream Expansion

Blockchain Capital, Standard Crypto, Blockchain.com Ventures invested $25 million in Aave, the latter announced on its social media on Monday.

CEO Stani Kulechov said that their firm “raised funds from strategic investors to bring DeFi closer to institutional use and to expand the team size to serve the growth in Asian markets.”

He added that Blockchain Capital, Standard Crypto, Blockchain.com Ventures would participate in the Aave’s staking and governance. That would require all the three to hold LEND tokens.

Alex Saunders, the CEO/co-founder of Nugget News AU, stated that Aave’s backers have plans to buy LEND in anticipation to secure about 100 times returns at the later stage.

“The future is bright,” he added.

Early-stage startup investor Eric Dadoun called the LEND token “an undervalued gem,” leaving more hints of an extended bull run behind.

The token was trading at near $52 at the time of this report.

Tags: aaveAAVEUSDaaveusdt
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

AAVE, AAVEUSD, AAVEBTC, cryptocurrency

AAVE Off to Reclaim Previous Record High after Institutional Endorsement

3 weeks ago
aave defi hydra

AAVE “Monster” Is Awakening, Breakout Coincides With Coinbase Listing

3 months ago
bitcoin

Aave Drives Over 150% From Lows Due as Fundamentals Remain Strong

4 months ago
Aave Nears Crucial Resistance as 100%+ Uptrend Shows Signs of Stalling

Aave Nears Crucial Resistance as 100%+ Uptrend Shows Signs of Stalling

4 months ago
AAVE Hits Three-Week High as Bitcoin Rally Pauses; What's Next?

AAVE Hits Three-Week High as Bitcoin Rally Pauses; What’s Next?

4 months ago
Aave Surges 25% as DeFi-Wide Short Squeeze Seems to Have Begun

Aave Surges 25% as DeFi-Wide Short Squeeze Seems to Have Begun

4 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Polkadex, DEX Built for Web3, Raises $3m From CMS Holdings, Outlier Ventures, OKEx Capital and More

March 4, 2021

Casino Betting Coin launches $FUN Uniswap pool

March 4, 2021

Silicon Valley-Based Taraxa Wants to Put Every Informal Transaction on the Record, Unveils Details About the Upcoming Public Sale

March 4, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.