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18 January 2021

Altcoin Explorer: Aave (AAVE), the Leading DeFi Protocol | BTCMANAGER

Altcoin Explorer: Aave (AAVE), the Leading DeFi Protocol | BTCMANAGER


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Altcoin Explorer: Aave (AAVE), the Leading DeFi Protocol.

That being said, whatever is the rage usually attracts a large number of players and entities towards it and that is exactly what is happening with DeFi.

In this Altcoin Explorer, BTCManger explores Aave (AAVE) a leading open-source and non-custodial protocol that can be used to earn interest on deposits, borrow assets, and much more.

Aave enables seamlessly lending and borrowing of funds by receiving liquidity from depositors and allowing borrowers to obtain loans using an undercollateralized or overcollateralized method.

Conversely, the borrowers can borrow funds from Aave because of the DeFi protocol’s attractively low rate of interest on borrowings.

Some of the major cryptocurrencies supported by Aave protocol currently are Ethereum (ETH), Tether (USDT),USD Coin (USDC),DAI, wrapped Bitcoin (WBTC), Yearn.Finance (YFI), and several others.At the time of writing this Altcoin Explorer, the total value locked (TVL) in the protocol stands at over $1.44 billion, according todatafrom DeFiPulse.

In terms of price appreciation, AAVE has been one of the clear winners of the mid-year DeFi boom.The token has had a considerable price appreciation since its launch and at the time of writing, it is trading at $89.49.

Widely considered to be the next big thing in the world of finance, flash loans are undoubtedly one of the most important and popular features of DeFi.

Essentially, flash loans enable users to borrow large amounts of cryptocurrencies with absolutely no collateral.

Perhaps the biggest milestone achieved by Aave was from a regulatory standpoint when in August, it became the first DeFi protocol to receive the prestigious Electronic Money Institution license by the U.K.

In a relatively short period of time, Aave has established itself as a force to reckon with in the multi-billion dollar DeFi landscape.

Concluding, it can be stated that if you believe in the potential of DeFi to transform the current inefficient state of CeFi-dominated global finance, then you can’t really go wrong with betting on Aave.

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