“Aave is Soaring to New Heights”

 

DeFi assets are gradually capturing the spotlight, even as ranging price patterns dominate the crypto space. After a few minor hindrances, the concept of decentralized finance appeared more intriguing as an array of assets, such as Aave, were welcomed into the industry. Aave is one of the few altcoins that has retested its support and has successfully started heading in an upward direction afterwards.

 

To continue pushing this momentum, the leading DeFi lending company plans to launch Aave Pro later this month.

 

A new protocol

 

Aave is a decentralized lending platform giving users the ability to lend, borrow, and earn interest on cryptocurrencies. They can do so without the involvement of a third party. The protocol mostly operates on the Ethereum blockchain, with their recent Polygon network integrations generating successful results. According to Binance, the largest crypto exchange in the world, Aave traded at approximately $321.14 with a $383 million daily trading volume. Moreover, it has daily gains of roughly 11.4%.

 

The crypto company will soon be launching Aave Pro, a protocol that will support and permit segregated permission pools. Specifically, pools consisting of whitelisted individuals who have passed Know Your Customer (KYC) checks. This will effectively eliminate one of the predominant obstacles for regulated institutions that participate in decentralized finance.

 

The protocol will use private pools as a means to offer institutional investors direct decentralized market access. Additionally, these pools will be separate from any liquidity pools already on Aave.

 

Potential recovery

 

The final weeks of the spring season proved to be harsh on cryptocurrencies. Following a sudden rise during April and May, the Defi crypto has lost roughly half of its value. The price rose to $650 in the middle of May and recent price actions reveal that, luckily, recovery is underway.

 

Investors will be keeping an eye on the next resistance level for Aave that will theoretically be in the $350 range. If broken, this could indicate another increase for the price levels and have them hit $400. If Aave Pro proves to be a success, the company could be looking at another substantial boost. For now, we can only speculate and wait until the new protocol is launched.