Key takeaways
- Aave saw gains of 7% per day, 23% per week, and 88% per quarter.
- The Curve Finance hack drove users to Aave, fueling its growth.
- Aave has expanded to Layer 2 networks for faster and cheaper transactions.
- The launch of the GHO stablecoin and the growing interest of large investors support Aave’s success.
Decentralized finance platform Aave has established itself as a beacon of stability and growth. It has followed a remarkable upward trajectory, defying general market trends and attracting the attention of seasoned investors and newcomers alike.
Aave’s recent performance has been fantastic by any measure. The platform has posted gains across the board, which is truly impressive in such a volatile and unpredictable market.
In the last 24 hours, the platform’s native token has climbed by 7%. The weekly and monthly performances are even more impressive, with a growth of 23 and 27% respectively. However, the most remarkable figure is the quarterly one, which reached an increase of 88%.
This steady growth hasn’t gone unnoticed. Blockchain analytics firm Santiment reports that Aave has climbed the ranks to become the 37th largest cryptocurrency by market cap. But what’s driving this remarkable rise?
This continued expansion has not gone unnoticed. According to blockchain analytics firm Santiment, the cryptocurrency has climbed to 37th place in terms of market capitalization among all cryptocurrencies. A competitor’s misfortune seems to be the force behind it. For example, the other major player in the DeFi space, Curve Finance, was the victim of a devastating hack in 2024.
Aave Expansion into Layer 2 Networks
It has been proactive in spreading its presence and capabilities. A strategic move towards Layer 2 networks such as Polygon and Optimism allows the platform to provide users with faster transactions and lower fees, often two of the most important points in the crypto world.
Moreover, innovation has also been very relevant. First of all, the introduction of GHO, Aave’s stablecoin, has given a whole new dimension to its ecosystem. On the one hand, users can create GHO by posting their existing crypto assets as collateral – a kind of seamless bridge between different parts of the DeFi landscape.
Blockchain data shows growing confidence among large whales. The number of wallets holding at least 100 tokens has increased by 7.5% since mid-June to 3,229. This suggests that more larger holders believe in its long-term prospects.
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