Aave Records Significant Recovery Amid Upbeat DeFi Market Sentiment

Aave Records Significant Recovery Amid Upbeat DeFi Market Sentiment

With the DeFi market on a steady upward trajectory, Aave continues to regain significant bullish traction on Monday. The twenty-seventh-largest cryptocurrency is up by 8% today, with a 24-hour trading volume of $383 million.

The DeFi token currently boasts the number one spot as the top DeFi lending protocol, with over $16 billion in total locked value. The cryptocurrency company recently announced plans to launch Aave Pro, which would serve only the institutional investor market.

The new platform will support and enable segregated permission pools of verified people that have passed Know Your Customer (KYC) checks. This project would eliminate one of the critical obstacles for regulated institutions engaging in decentralized finance (DeFi).

The cryptocurrency is on a decent recovery to its previous highs following the recent debilitating crypto market crash. That said, investors and traders now have their eyes on the critical $350 resistance, which, if broken, could trigger a bullish ascent to $400.

In other news, the cryptocurrency’s business entity in the United Kingdom has received the green light with its Electronic Money Institution (EMI) application. This license would allow AAVE users to move from traditional fiat currencies to stablecoins and other digital assets domiciled in its Ecosystem. These funds/assets can then get utilized on the Aave Protocol.

Key Aave Levels to Watch — July 12

AAVE is on a healthy path to the $350 resistance as the cryptocurrency trades along an ascending trendline. The DeFi giant gets support from some technical lines, including the 200 SMA, 50, SMA, trendline, and $300 psychological support.

AAVEUSD – 4-Hour Chart

That said, the path of least resistance for the cryptocurrency is upwards amid a recovering trading volume.

Meanwhile, our resistance levels are $350, $400, and $450, and our support levels are $300, $240, and $170.

Total Market Capitalization: $1.40 trillion

Aave Market Capitalization: $3.79 billion

Aave Dominance: 0.27%

Market Rank: #27

 

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Aave to Launch Customized Platform for Institutional Investors

Aave to Launch Customized Platform for Institutional Investors

Aave (AAVE), one of the most prominent DeFi money markets, has announced that it plans on launching a permissioned version of its platform for institutional investors sometime this month. The DeFi provider noted that it has partnered with crypto custodian and service provider, Fireblocks to carry out this task.

Twitter user “TraderNoah” posted a screenshot of an email he claimed to receive from the Blockworks’ Next Steps in Institutional DeF webinar, which featured the crypto provider’s founder and CEO Stani Kulechov, Fireblocks CEO and co-founder Michael Shaulov, and Galaxy Digital CEO Mike Novogratz.

Reports revealed that the proposed institutional platform, called Aave Pro, will launch this month due to “extensive demand from various institutions.”

The crypto provider noted that the platform would only support four digital assets at launch, including Bitcoin, Ethereum, AAVE, and USD Coin. The DeFi provider added that this platform would operate independently of other AAVE activities.

Furthermore, the crypto provider noted that the platform would add a whitening layer to its V2 Smart Contracts to guarantee that only.

The platform will add a whitelisting layer onto its V2 Smart Contracts to ensure that only institutional investors that have passed Fireblocks’ Know-Your-Customer (KYC) requirement can access Aave Pro. Fireblocks will also enforce anti-money laundering and anti-fraud protocol on the platform.

The screenshotted email also noted that are plans to decentralize governance for the institutional platform along the line.

Key Aave Levels to Watch — July 5

Along with the rest of the cryptocurrency market, the cryptocurrency is on a bullish recovery from its recent fall below the $200 support. The twenty-eight-largest cryptocurrency currently faces heavy resistance from the 200 SMA line on our 4-hour chart.

AAVEUSD – 4-Hour Chart

Failure to scale this barrier over the coming hours could send AAVE to the $250 round figure. That said, a fall to the $250 level should get repelled by the ascending trendline. Nonetheless, we expect a recovery above the $300 psychological level over the coming days.

Meanwhile, our resistance levels are $300, $350, and $400, and our support levels are $250, $200, and $150.

Total Market Capitalization: $1.39 trillion

Aave Market Capitalization: $3.38 billion

Aave Dominance: 0.24%

Market Rank: #28

 

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