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  • AAVE AAVE
  • ( 3.16 % )
  • Rank #77
  • Coins

₹8160.89

₹ 8160.89

Contracts : Ethereum : 0x7Fc...E2DDaE9   

  • Rank #77
  • Coins

Market Cap

₹107.76 B 5.3757%

Circulating Supply

14803200

Max Supply

16000000

Volume

₹10.12 B

All Time High :

₹48387

All Time Low :

₹1933.39

Price change in 24H :

₹302.65

24H High :

₹7344.59

24H Low :

₹6847.1


Aave Price Live Chart


Aave (AAVE)

Aave is a decentralized finance (DeFi) platform that enables users to lend and borrow cryptocurrencies and real-world assets (RWAs) directly without relying on a centralized intermediary. Those who provide funds for lending can earn interest, while borrowers need to pay interest on their loans.


Initially developed on the Ethereum network, Aave primarily used ERC20 tokens to process transactions. However, the platform has now expanded to include other blockchain networks like Avalanche, Fantom, and Harmony.


Founders

Stani Kulechov, the founder of Aave, initiated the development of the decentralized, open-source, and non-custodial liquidity protocol while he was studying law at the University of Helsinki. His interest in Ethereum led him to explore its potential impact on the traditional financial system. In 2017, he introduced ETHLend, one of the pioneering DeFi DApps. Later, in the subsequent year, the project was rebranded as Aave, aiming to broaden its scope beyond just lending on the Ethereum platform. Finally, in January 2020, the Aave protocol was officially launched on the Ethereum mainnet.


What makes it unique?

  • Flash loans: Aave's flash loan feature enables users to borrow cryptocurrencies without the need for collateral, as long as they repay the loan within the same transaction. Traders and arbitrageurs find this feature useful for exploiting price differences across various exchanges.


  • Interoperability: Aave can seamlessly interact with a wide range of decentralized finance platforms, making it highly valuable for users who conduct lending and borrowing transactions through Aave.


  • Governance: Aave's governance model empowers token holders to influence the protocol's development and direction. Those holding and voting with AAVE tokens have a say in decision-making processes.


  • Tokenization: Aave tokenizes deposits as Tokens, which continuously accrue interest in real time. Users can earn interest on their deposits while still using them as collateral for loans.


  • Credit delegation: Aave allows users to delegate their credit lines to other individuals, who can then borrow against them. This feature enables users to earn interest on their credit lines while retaining control over their funds.


  • Multi-chain support: Aave's expansion beyond Ethereum includes support for other blockchain networks like Avalanche, Fantom, and Harmony. This allows users to engage in lending or borrowing activities on different chains as well.


Network security

Aave has implemented several security measures to safeguard its network:


  • Safety Module: Aave employs the Safety Module (SM) as a key security mechanism. AAVE token holders are incentivized to lock their tokens into this Smart Contract-based component. In case of a Shortfall Event within the Aave ecosystem's money markets, the locked AAVE serves as a mitigation tool to protect the protocol.


  • Smart contracts: Aave heavily relies on smart contracts, which are designed to handle all platform transactions. Recognizing the potential risk of contract compromise and fund access by hackers, Aave prioritizes security in its system design, adhering to the highest security standards.


  • Audits: Aave undergoes regular security audits covering various aspects of the protocol, including the protocol smart contract, market smart contract, credit delegation vault smart contract, Aave governance DAO smart contract, and AAVE token smart contract. The protocol encourages bug hunting and the identification of potential exploits to strengthen security.


  • Proof of reserves: Aave has voted to integrate Chainlink Proof of Reserves (PoR) to enhance network security. By using ChainLink PoR's aggregator smart contract, Aave ensures accurate reporting of reserve values for both the original network (Ethereum) and bridged versions on the target network (Avalanche). This reduces reliance on a single party for reserve management.


Built-in insurance mechanism: The AAVE token plays a crucial role in the protocol's insurance mechanism, known as the Safety Module (SM). Users stake AAVE tokens in the SM to receive AAVE-denominated rewards. This reserve of tokens acts as a liquidity backstop to address rare instances of bad debt within loan pools.


Recent Updates

Aave's decentralized autonomous organization (DAO) has recently approved and activated GHO, the Aave Protocol's native over-collateralized asset. GHO allows users to mint stablecoins against their existing collateral on the Aave Protocol's Ethereum V3 market. It is fully governed by the Aave DAO, ensuring transparency and decentralization.


The deployment of GHO on the Ethereum Mainnet marks a significant step towards creating a people-powered financial ecosystem that is accessible to all. GHO's underlying mechanics and policies cannot be arbitrarily changed by any centralized entity or individual, as all transactions are executed through self-executing smart contracts.


The architecture of GHO introduces roles like Facilitators, approved and governed by the Aave Governance, who can mint GHO under specific conditions set by the DAO. The first GHO facilitator is the Aave V3 market on Ethereum, with a $100M mint capacity. Additionally, the Aave DAO approved a Flashminting Facilitator, allowing minting without encumbering collateral if the borrowing and repayment of GHO occur within the same Ethereum block.


GHO is native to the Aave Protocol and can be minted using various assets as collateral, making it multi-collateral. The interest paid on GHO borrows goes to the Aave DAO Treasury. Users who stake AAVE in the Aave Safety Module can mint GHO at a discounted rate.


Before deployment, GHO underwent security audits by reputable firms, including Open Zeppelin and SigmaPrime, to ensure its safety. GHO is designed to prioritize the developer experience, and the GHO SDK allows easy integration into existing applications.


Overall, the launch of GHO represents Aave's commitment to creating a decentralized stablecoin that can potentially become a leading asset in the future, offering benefits such as price stability, transparency, and cross-border payment facilitation.


Future updates

Not available

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