Aave Price Surges As V3 Cloud Upgrade Draws Near

Amid the continuing rally in DeFi TVL, we’ve seen positive news and innovation popping up from the ecosystem. Because the Aave protocol V3 cloud upgrade draws near, its native token, Aave, has skyrocketed because the starting of this 12 months, reaching higher highs for the primary time in the previous few months. 

Aave is an open-source liquidity protocol and its upcoming V3 cloud launch is just one in every of the protocols pending plans yet to be initiated. An Aave supporter with the Twitter handle @0x4Graham disclosed the upcoming upgrade launch. 

In accordance with crypto reporter Collins Wu, the V3 upgrade will introduce cross-chain asset functions, community contribution tools, and a gas optimization model on the Aave protocol.

Aave Price Surges Nearly 37% In 7 Days

Because the v3 cloud upgrade draws near, Aave’s native token has spiked in price by 36.5% prior to now 7 days, following suit with other crypto and DeFi tokens surging out there. Besides that, the past few weeks have seen Aave printing a bullish trend, during which the chart indicates anticipation before a big move. 

AAVE price is moving sideways on the 4-hour chart. Source: AAVEUSDT on TradingView.com

Aave began the 12 months with a ranging price of $50, and to date, the token has spiked to above $80 following the disclosure of the v3 cloud upgrade. Furthermore, not only is the Aave token surging, however the protocol’s TVL has also done some significant rallies to the upside over the past weeks. 

Currently, Aave protocol has a cumulative TVL of $4.5 billion, up by 21% in a single month. The protocol has at all times been one in every of the leading contributors to the entire DeFi ecosystem TVL, with Lido Finance at the highest then MakerDAO because the second.

Though Aave has been climbing because the starting of the 12 months, it remains to be removed from its all-time high of $661, seen in 2021. With the continuing disbelief within the crypto market amongst investors, it remains to be uncertain whether the v3 cloud upgrade might be a very good enough catalyst to drive its value beyond or closer to its peak.

Summary On Aave V3 Cloud Upgrade

The V3 upgrade is claimed to introduce community contribution tools, cross-chain asset functions, and a gas optimization model on the Aave blockchain. The optimization model is presupposed to cut down transaction costs on the blockchain by as much as 25% and make the Aave protocol more efficient and prepared for other upgrades. This information comes together with the V3 upgrade details released by the Aave team towards the top of Q1 2022.

The initial V3 upgrade was introduced in March of last 12 months and was described to be a groundbreaking protocol. In accordance with the developers at Aave, the V3 upgrade provides various recent features that include Portals, High-efficiency mode, Isolation mode, Gas optimization, L2 designs, Community, and Risk management.

Featured image from Unsplash, Chart from TradingView

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