- Holders have chosen to exclusively HODL their AAVE.
- There has been a steady decline in the average balance on addresses.
A DeFi project’s consistency of use is more important than adoption. Over the last month, the enthusiasm around DeFi has dwindled dramatically, which has had a severe impact on several critical DeFi initiatives.
After all, Balancer Labs, the leading Dapp for programmable liquidity, recently added AAVE enhanced pools to their network to give their customers improved returns, greater capital efficiency, and deeper liquidity. AAVE is still performing well in terms of acceptance.
However, the once-dominant DeFi project has become one of those whose investors are beginning to doubt their original investment. Holders have chosen to exclusively HODL their AAVE because of the general crypto market decline. Typically, this emotion is short-lived since dropping prices tend to rebound after a while.
Short Sigh of Relief
On the other hand, AAVE has seen its price action continue to decline over the last four months only to find a sigh of relief recently as it surged 20% in the last 24 hours. The AAVE has reached a stage close to the levels seen before the March rally.
However, the network as a whole bears the brunt of this stalemate. There has been a steady decline in the average balance on addresses, which indicates that investors have not left but instead that there has been a lack of increases.
According to CoinMarketCap, the Aave price today is $195.74 USD with a 24-hour trading volume of $528,131,779 USD. Aave is up 20.48% in the last 24 hours.
The post has appeared first on thenewscrypto.com