Aave (AAVE) price surged by over 5% today, reaching prices over $105. At the moment of writing this article, AAVE has a total market cap of over $1.56 billion.
AAVE Price Surge
Today, AAVE price increased by 5%, surpassing the $105 mark. This achievement comes amid significant growth in user activity on the Aave platform.
New Record in Active Borrowers
The lending and borrowing platform Aave hit a new record in weekly active borrowers, according to the latest reports. Aave founder Stani Kulechov revealed on social network X that the total weekly borrowers reached almost 40,000.
Features of Aave Platform
Aave allows users to borrow and lend crypto using smart contracts, which automate the process of fund distribution, collateral management, and fee assessment. Aave specializes in overcollateralized loans, protecting users from losses due to defaults and allowing the protocol to liquidate collateral if its value drops significantly.
Aave's achievements demonstrate a notable recovery in the DeFi sector, reflected in the growth of users and borrowers. Stani Kulechov and other experts believe this trend will continue in the future.
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