AAVE is the latest cryptocurrency you can buy and sell on the Coins wallet. Here are some of the main things you need to know about AAVE:
AAVE is an open-source DeFi lending protocol
AAVE is a DeFi (decentralized finance) lending protocol that allows users to lend or borrow cryptocurrency without an intermediary. Users deposit their crypto into liquidity pools that the protocol can use to lend out. Lending gives users interest, and borrowing is done by depositing collateral and paying interest.
AAVE is the governance token of the AAVE protocol
AAVE also serves as the governance token of the AAVE protocol. A governance token is a type of token that allows its holders to vote on the proposals that will determine the future of the protocol. This means that holders of AAVE can stake the token in order to vote on the various proposals outlined by the AAVE protocol.
AAVE has more than $18 billion in TVL
As of September 2021, AAVE has a TVL (total value locked) of more than $13 billion worth of crypto assets locked in its protocol. TVL is a metric representing the number of assets currently locked in a protocol such as AAVE. This makes AAVE one of the most popular protocols in DeFi.
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
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