The post AAVE Soars 18% Amidst Adverse Market Conditions appeared on BitcoinEthereumNews.com.

With the general sentiment in the market cooling down, AAVE scores a win as it maintains high profitability even as the market dips slightly. According to CoinGecko, the token is up over 18% since last week, a sign that AAVE is continuing the market’s bullishness despite the latter grinding to a near stop.  Related Reading AAVE is looking to expand the reach of its operations with a proposal that sees to activate the Aave v3 on zkSync, leveraging the latter’s rollup capabilities to keep transactions cheap for users.  Yes To Aave v3 Activation On zkSync Aave v3’s activation on zkSync is part of a long-term deployment of Aave v3 on the zkSync chain. It was first outlined back on June 11th, citing zkSync’s scalability and efficiency while “maintaining the security and decentralization of the Ethereum mainnet… Deposit and borrowing activities can greatly benefit from the reduced transaction costs and increased throughput offered by zkSync.” Once activated, users of Aave can expect low transaction fees and fast finalization which helps improve user experience while enhancing the network’s scalability.  AAVE market cap currently at $1.6 billion. Chart: TradingView.com The voting process for the proposal is still ongoing, but the general consensus at the moment is an outstanding “Yes” for the community with nearly 47,000 votes in favor of activation. However, the proposal needs 320,000 votes to pass, giving more time for users to weigh in the pros and cons of the activation.  Secured Levels Open Opportunities For AAVE As of writing, AAVE returned to its pre-August level at $110.43, opening the potential of reaching $124 in the short term. But this also opens the question of whether the crypto has momentum to reach this price target.  The $105-$115 price range opens the door to higher levels once bullishness resumes. With the market…

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Filed under: News - @ August 18, 2024 3:03 pm