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Native token of decentralized finance (DeFi) lending platform Aave AAVE surged to its strongest price in several months on Monday
The bluechip DeFi token topped $330 during the session before cooling off at $316, gaining 8% over the weekend.
The rally came as the DeFi sector is heating up amid a broader crypto rally, with bitcoin BTC conquering fresh records above $120,000.
Aave is the dominant player in DeFi lending, and has just hit $50 billion in deposits on the protocol, a fresh record level.
The platform also poised to be one of the biggest gainers of advancing U.S. crypto regulations, analysts said.
"Aave is the biggest lending platform in decentralized finance (DeFi), and it could be a major winner from the GENIUS Act," digital asset manager 21Shares said in a Monday report.
The platform currently holds 5% of all stablecoin supply to earn a yield, more than any other DeFi protocol, the report noted. It also issues its own, overcollateralized stablecoin GHO GHO, which has a $312 million supply.
Aave also aim to benefit from the growing institutional participation and tokenization wave with the upcoming Horizon project that will let institutions borrow stablecoins by posting tokenized real-world assets such as money market funds as collateral, the report added.
CoinDesk's market analytics model highlighted a bullish structure for AAVE.
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すべての暗号通貨、NFT、DeFiを1か所から管理開始に使用しているポートフォリオを安全に接続します。
