AAVE Founder Marc Zeller Proposes Fee Switch to Buy Back AAVE Tokens From the Secondary Market

This move follows a similar strategy seen with $UNI, which saw its price double over 11 days following a revenue share proposal, with an initial 50% surge within the first hour.

AAVE founder Marc Zeller recently proposed a fee switch aimed at buying back AAVE tokens from the secondary market.

This move follows a similar strategy seen with $UNI, which saw its price double over 11 days following a revenue share proposal, with an initial 50% surge within the first hour.

Aave’s initial reaction has been more modest, with a 10% increase in the first hour, reflecting the tougher current market conditions.

On-chain data from Lookonchain reveals a major whale withdrew 1.43 million $UNI (approximately $10.3 million) from Binance and deposited it into Aave. The whale then borrowed 5.5 million $USDC from Aave and sent it back to Binance, indicating a potential long position on $UNI.

A whale withdrew 1.43M $UNI($10.3M) from #Binance and deposited it to #Aave 20 minutes ago.

Then borrowed 5.5M $USDC from #Aave and deposited it to #Binance.

The whale may be long $UNI.

https://t.co/Y1KTyPAX38 pic.twitter.com/h6HymHshuA

— Lookonchain (@lookonchain) July 25, 2024

Asides AAVE Token Transfer Movements, Whales Eye $UNI and $ENA Tokens

The whale, identified by address 0x59a…0705D, has a notable history. Once ranked fourth in Blast staking, the whale opened a significant position of 1.43 million $UNI, valued at $10.3 million, with an average cost of around $7.18 per token.

This whale also accumulated 5.33 million $ENA tokens earlier this year. Despite current market conditions resulting in a floating loss of $3.53 million on $ENA, the whale’s substantial resources enable them to endure these fluctuations.

The above is the detailed content of AAVE Founder Marc Zeller Proposes Fee Switch to Buy Back AAVE Tokens From the Secondary Market. For more information, please follow other related articles on the PHP Chinese website!