Aave Releases Mainnet Era, Here's the Impact on Coin Prices!

Bittime - Aave, one of the leading projects in the Decentralized Finance (DeFi) world, has stolen the spotlight this August. With an increase of more than 30% since the start of the month, Aave is showing impressive performance. 

Ultimately, on August 21, Aave announced the launch of Aave V3 in the Mainnet Era, powered by ZKsync's Zero-Knowledge (ZK) roll-up technology. This launch brings some significant changes that may impact the price of Aave coin going forward.

What is Aave V3 and Mainnet Era?

Aave V3 is the latest version of the Aave protocol that is now launching on Mainnet Era, a blockchain platform that leverages ZKsync technology. 

This technology enables greater scalability, better privacy, and higher levels of security than ever before. According to Aave founder and CEO, Stani Kulechov, the combination of ZK proof and the Aave ecosystem will take DeFi to a new level.

Additionally, with the partnership with Chainlink, the market data used by the protocol will be more reliable, thereby supporting institutional use and the development of more privacy-focused DeFi applications.

Read also: Cara Membeli Aave (AAVE)

Impact On Aave Coin Price

After rebounding from its low point on August 5, Aave price continues to rise. Currently, Aave is trading near its yearly high of $153, with the potential to reach $200 if this momentum continues. 

However, the question is whether Aave can break through this resistance level or whether this rally will lose steam like it did last March.

On-Chain Activity dan Total Value Locked (TVL)

Aave's on-chain activity has also seen a significant increase. Aave V3's Total Value Locked (TVL) will nearly triple in 2024, from $6.6 billion to $20 billion in July. 

Although the current TVL is down slightly to $17.5 billion, this increase in activity shows the growing confidence in the Aave platform.

Future Potential of Aave Price

Technically, Aave shows the potential to continue its upward trajectory. After several bounces from long-term support lines, Aave is now trading just 10% below its yearly high of $154. 

If Aave manages to break the resistance at $120, further upside towards $240 becomes very likely.

Conclusion

The launch of Aave V3 in Mainnet Era brings various changes that could have a significant impact on the price of Aave coin. 

With a potential upside of up to $240 and increasing confidence in the platform, Aave could be one of the coins to watch in the next few months. 

For DeFi investors and users, this is an important moment to monitor the further development of Aave and how this innovation will impact the market.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

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