Aave bounties, a scavenger hunt, and more are coming to Flipside Crypto. But before we’re visited by this friendly ghost, it’s time to check in on the latest news for the decentralized lending protocol.
Last time we talked Aave, we took a closer look at the basics of the protocol and its quickly increasing TVL. So what’s the latest for the protocol? It includes expansion to new protocols and offerings, as well as an all-time high in price.
Let’s take a closer look.
Aave explores expansion
We’ll start with a look at the recent talk of expansion for Aave onto Layer-2 networks, as well as Solana.
According to reports, Aave founder and CEO Stani Kulechov confirmed recently that the company was investigating a multichain strategy. That strategy would not only include Layer-2 protocols such as Avalanche, Arbitrum, and Optimism, but also Solana.
The reports were met with a generally positive response, especially from Solana and its devotees.
ETH Twitter on the way?
Layer-2 expansion isn’t the only new offering in the works for Aave.
According to reports, Kulechov is also said to be “on a mission” to develop an alternative to Twitter using the Ethereum blockchain. Known as “ETHlend,” the idea first gained attention in 2017 as a non-custodial, decentralized lending protocol.
Now, Kulechov says, the idea has shifted. In this new offering, users would be able to earn money by interacting on a social media site that would follow in the vein of microblogging site Twitter.
An ATH for AAVE
Perhaps most exciting for those in the ecosystem was the increase in demand that took place earlier this month, leading to an all-time high price for AAVE, the platform’s native token.
As CoinTelegraph noted, traders seemed to take word of AAVE’s in Bitwise Investment’s new investment vehicle as auspicious news. As a result, AAVE’s price surged by nearly 10% to reach $333.84 on August 6 and continued its upside momentum into the following days.
TVL, or total value locked, was already at high levels in the months leading up to this spike, as we profiled earlier this year. In recent weeks, however, TVL also surged to record levels.