According to recent data, the DeFi protocol Aave has bought back over 100,000 AAVE tokens at an average price of $239.25. The total redemption amount may increase depending on the protocol’s revenue performance.
Marc Zeller, Aave community manager and founder of the Aave Chan Initiative (ACI), stated that given current sales levels, buyback density could be doubled up to a certain price threshold. Zeller stated that he would submit this plan to the management forum after review.
According to market data, Aave’s market capitalization is $3.87 billion and has increased by 1.24% in the past 24 hours.
AAVE hit an all-time high of $666.86 on May 19, 2021, and the current price is 62.05% below that level.
Aave is known as a decentralized financial protocol where users can lend and borrow cryptocurrencies. Investors earn interest by depositing their assets into private liquidity pools, while borrowers can use these assets as collateral and take advantage of features like “payday loans.”
*This is not investment advice.
