The founder of the Aave protocol (AAVE), Stani Kulechov, expressed his excitement about the altcoin finally reaching its goal. $AAVE was fighting for a place among the top traditional banks in the U.S. by total deposits processed. The price #AAVE continued to show heels to its competitors in the DeFi sector with a valuation just below the $300 mark. Among tokens solely focused on decentralized finance (#defi ), only Uniswap (#UNI ) had a market value higher than this.
I wonder if #AAVE can maintain this position or even surpass the current milestone?
#AAVE ranks among the leading banks in the U.S. by deposit volume.
The price of AAVE is influenced by its activity on #DeFi Data from the AAVE page on X (formerly Twitter) showed that the protocol reached a new milestone. In terms of total deposits since 2020, AAVE surpassed its historical high of $3 trillion. Since the emergence of charts, these deposits have shown a steep upward trend, and reaching the $4 trillion mark is not far off.
This #альткоины is a key player on the lending and staging front in the crypto industry. Support for deposits and loans in Bitcoin further fueled this trajectory. In terms of revenue, it entered the top five with $19.3 million.
According to Stani Kulechov on X, the altcoin rose three positions and entered the top 40 American banks by deposit size. The founder promised to give 10 AAVE to whoever creates a dashboard comparing AAVE to banks. The altcoin ranked 38th with $67.92 billion, just behind UMB Bank.
Will the price of AAVE continue to hold above local highs?
The price of AAVE remained healthy despite the recent overall market decline. Its open interest (OI) was $1.188M. Despite the decrease in OI, prices stabilized slightly above previous local highs. Additionally, the volumes, dominated by sellers, were insufficient for AAVE to drop as sharply as other cryptocurrencies.
In total dollar liquidations, there were more short positions. However, the average annual funding rate was green. Short periods of red, such as in the most recent data, indicated that buyers dominate the country.
CONCLUSION
In conclusion, I want to say that the price of AAVE may reclaim its ATH at $527, even though it only approached it in December 2024. Significant deposit volumes, positioning among American banks, and growing DeFi metrics—all of these are great indicators for future price action.
