DeFi assets are fast becoming the center of attraction in the crypto-verse. Aave’s LEND has gained more than 4000% within a year.
Interestingly, there seems to be room for more price upsurge, as information reaching Nairametrics revealed that the non-custodial lending and borrowing protocol for Aave’s U.K. business entity has been issued an Electronic Money Institution (EMI) license.
Given that Aave’s LEND business entity is based in the U.K, a pilot for its specific services will start in that country. Aave Limited has its own dedicated website and is headquartered in London.
“Aave will pilot in the U.K., before rolling out to cover the whole EEA and expanding globally,” said the founder and CEO, Stani Kulechov. Specifically, the service will allow users “to go from Fiat to stablecoins and other assets natively in the Aave Ecosystem and then use these assets in the Aave Protocol.”
Two days ago, Santiment Research Company dropped vital insights on LEND’s price rising +24.5% on Monday. It listed the whale distribution changes since the previous week:
- +118 addresses with 10k to 100k tokens
- +33 addresses with 100k to 1m
- +9 addresses with 1m to 10m
🐳 $LEND‘s price is +24.5% in 24 hrs, and our top holder distributions foreshadowed this. These are our whale distribution changes since last week:
— Santiment (@santimentfeed) August 24, 2020
Aave (LEND) is a cryptocurrency token that operates on the Ethereum platform. It has a current supply of 1,299,999,941.703. The last known price of Aave is $0.749698 USD and it has been up 1.85% over the last 24 hours. It is currently trading on 117 active market(s) with $252,001,222.08 traded over the last 24 hours.
A quick Overview
Aave is an open-source and non-custodial protocol to earn interest on deposits and borrow assets with a variable or stable interest rate. It also enables ultra-short duration, uncollateralized flash loans designed to be integrated into other products and services.
Aave began as ETHLend in 2017 after it raised $16.2 million in an Initial Coin Offering (ICO) to create a decentralized lending platform. Later, it announced a parent company, Aave, which would house multiple different products including EthLend, Aave Lending, Aave Pocket, Aave Custody, Aave Clearing, and Aave gaming.
Quick fact: Defi means “decentralized finance.” By definition, it’s a crypto ecosystem made up of financial apps designed on leading blockchain platforms.
These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.