New Aave Token Trades at a Premium as Whales Migrate

New Aave Token Trades at a Premium as Whales Migrate
фото показано с : beincrypto.com

2020-10-9 09:52

DeFi lending protocol Aave has begun its token migration and supply cut following a governance vote which was virtually all in favor. The new token has been trading at a premium against the old one.

Aave initially updated its ‘tokenomics’ roadmap in July when it proposed to cut the supply by a hundred times and convert existing LEND tokens into AAVE tokens.

The vote was passed at the end of September and the migration started shortly after. The LEND supply is getting constricted, with every 100 LEND tokens being converted into one AAVE.

The migration aims to align token holders’ incentives with the protocol’s interests, involving protection against shortfall events while rewarding holders with staking opportunities.

Aave Whales Migrating

Part of the upgrade and migration includes the Aave Safety Module (SM) which enables staking rewards of up to 11% per year. New AAVE tokens held in the SM acts as a reserve protecting the protocol from unexpected losses, smart contract risk, or oracle failure according to the latest Defiant newsletter.

The new incentive does not come without risk however as stakers risk up to 30% of their assets being locked in the SM getting ‘slashed’ if there was a shortfall event, the report added. This will not happen during the initial phases of the migration though, in order to encourage liquidity provision.

It appears that the Aave whales have already begun to migrate with several large $100k plus transactions already being recorded by IntoTheBlock. According to the ‘Aavewatch’ migration tracker, 39% of the total supply has already been migrated.

Over a third of the total supply of LEND has migrated to AAVE within four days which highlights strong support from big bag holders in the Aave ecosystem.

Other metrics such as the number of active addresses have also seen spikes as token holders switch to the new asset.

Token Price Update

The DeFi platform’s LEND token has been one of the best-performing this year with a monumental increase of over 5,000% from the beginning of 2020 to its all-time high of just under $1 on August 27. It has since corrected sharply but the majority of holders are still in the green.

According to the report; “Even after a 50% price correction from its highs of $0.90, almost 92% of LEND addresses are currently profiting from their holdings.”

Today, LEND is trading at $0.45 while AAVE reached an intraday high of $47 during the morning’s Asian trading session.

The post New Aave Token Trades at a Premium as Whales Migrate appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Waves Community Token (WCT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.05 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.1988 (-100%)

token new premium aave all virtually vote

token new → Результатов: 126


Фото:

Where to buy Paribus (PBX) coin: the new NFTs lending protocol token that has risen 57% in 24 hours

As NFTs continues to gain popularity across the globe a new NFT token has hit the ground running by registering a rise of over 60% since it was unveiled. The surge in price has attracted investors eyeing to invest in the new token for fear of being left out as it takes off for the […] The post Where to buy Paribus (PBX) coin: the new NFTs lending protocol token that has risen 57% in 24 hours appeared first on Invezz.

2021-9-18 18:51


Is Coinbase responsible for the downfall of the Basic Attention Token (BAT)?

When cryptocurrency exchanges announce that a new cryptocurrency is in review and new listings are soon to be added, traders usually welcome the news with excitement as it can only mean that the token or coin will be made available to a larger audience for trading and transacting, which will eventually affect the trading volume […] The post Is Coinbase responsible for the downfall of the Basic Attention Token (BAT)? appeared first on ZyCrypto.

2019-1-16 11:57


Cresio ICO

Cresio is a platform that mainly offers the possibility of operating simultaneously in multiple exchanges from the same graphical environment, providing multiple signals to operate in the most efficient way possible, as well as providing information on the state of the markets in real time, controlling the balance of its different cryptocurrency wallets, work monitoring in mining pools, information and registration of new Airdrops, among others.

2019-1-15 22:39


IOTA Foundation partners with Crypto Storage AG on an institutional-grade IOTA token storage infrastructure solution

IOTA Foundation partners with Crypto Storage AG on an institutional-grade IOTA token storage infrastructure solution IOTA Foundation, a non-profit designed to support the development and standardization of new distributed ledger technologies (including the IOTA Tangle), has been working quite hard since the turn of the year.

2019-1-11 17:41


ViMarket.io Expands, Rebrands and Reinvents; Welcome to Virse TM, “Connecting the Virtual Universe”, and the ViR Token

Bitcoin Press Release: VR marketplace ViMarket has announced its plans for its new “Virse”, upcoming token sale and Flight Deck VR Lounge Launch at this year’s CES. 11 Jan 2019, Las Vegas, Nevada –  ViMarket Inc has announced its plans for “Virse” ™ and the upcoming token sale of its native cryptocurrency, the ViR (Pronounced […] The post ViMarket.

2019-1-12 12:45


Фото:

Пользователи µTorrent будут получать вознаграждение в криптовалюте на базе TRON

Базирующаяся в Сингапуре BitTorrent Foundation выпустит монету BitTorrent Token (BTT) на базе протокола TRON. Основной функций BTT будет плата пользователям за раздачу файлов. Today we unveil our new token BitTorrent $BTT which features native TRC-10 compatibility and will be exclusively available to non-U.

2019-1-6 15:24