Aave
About Aave
The price of Aave (AAVE) is $165.47 today, as of Sep 27 04:21 p.m., with a 24-hour trading volume of $363.90M. Over the last 24 hours, the price has decreased by -2.09%. Aave currently has a circulating supply of 14.94M and a market cap of $2.47B.
Aave (AAVE) is the native cryptocurrency of the Aave platform: a decentralized finance (DeFi) platform where users can borrow a range of cryptocurrencies, as well as lend assets in exchange for interest payments, all without needing a middleman.
AAVE was first distributed following an initial coin offering in November 2017, in which Aave raised $16.2 million. A total of one billion coins were sold. Initially, 77 percent of the total Aave project tokens went to investors, while 23 percent went to the project and the project’s founders.
In 2020, Aave arranged a token swap for users to swap the outdated LEND coin for the new AAVE coin at a ratio of 1:100, meaning 1 AAVE for every 100 LEND. The new AAVE token built in more features so that users could have more control over the protocol.
The AAVE token provides users with certain perks, including lower fees on the platform. AAVE is also a so-called “governance token,” meaning users can vote on decisions that will affect the future of the platform.
AAVE’s price hovered at around $60 near the end of 2020, according to price data provider CoinMarketCap, before spiking to a high of $529 in February 2021 amid an industry-wide crypto bull run. AAVE’s price hit a peak of $638 in May 2021, according to CoinDesk’s historical price data.