AAVE launched Mainnet version 2 last week, bringing an array of exciting features enhancing its cryptocurrency trading platform. The latest version of the protocol substantially augments its performance, all thanks to some attractive improvements in V2.
The V2 launch impacted the AAVE token price sharply, leading to a whopping 15 percent increase in the price.
AAVE Shares Spike Post V2 Launch
The price of the AAVE kicked tremendously after the announcement of the V2. AAVE is the native token of the AAVE protocol, and it has seen a considerable transformation in 2020. Initially named as LEND, the token had a 100:1 token split. Leading to stunning response to V2 announcement, the price of the AAVE coin raised substantially from $83 to $95. Though, after the sudden spike, the token price corrected slightly , reaching its older level.
AAVE is continuously grabbing the decentralized finance space by offering enhanced lending and trading services to the crypto community. The Mainnet v1 launched at the beginning of 2020 has garnered much popularity taking the AAVE protocol market to over $1 billion. With the introduction of newer features and performance improvement in the V2, AAVE aims to increase its customer base.
Two of the most notable offerings of AAVE Version 2 are Collateral Swap and flash loans. The users would be able to use their deposited assets in all the supported currencies. Collateral Swaps provide better liquidity to the investors and makes it easier for them to use the platform. The AAVE V2 makes repayments easy and allows repayments with the collateral, making the process shorter and more straightforward.
Aave’s development team is highly focused on the safety and security of customer funds. Thus the company involves renowned auditors like Certik, Peckshield, and Consensys Diligence for the audit of AAVE V2 protocol. AAVE announced that the first 100 addresses depositing $100 worth of digital assets on the AAVE V2 protocol would get an AAVE NFT.
The experts predict that the price of AAVE would reach around $100 as the network achieved the benchmark of $1 Million in the generated income.
As listed on the CoinMarketCap, AAVE is currently trading at $90.79, its record high. The company reports a market cap of $1,082.732,161 with a total supply of 16,000,000 AVE tokens.
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