AAVE Expands to ZKSync Era: Details…

@aave, a leading DeFi lending platform with nearly $12 billion in total value locked, launched its V3 version on @zksync Era. This Ethereum Layer 2 network uses zero-knowledge technology to enhance scalability and privacy.

DeFi lending platform Aave has rolled out its V3 version on Ethereum Layer 2 network ZKSync Era.

Aave V3 on ZKSync Era

Prominent DeFi lending platform Aave, boasting a total value locked (TVL) of nearly $12 billion, has launched its V3 version on the Ethereum Layer 2 network, ZKSync Era. This network leverages zero-knowledge technology to enhance both scalability and privacy.

Aave DAO approved the use of USDC, USDT, WETH, and wstETH in the initial launch on ZKSync Era. Furthermore, any airdrops from the ZKSync ecosystem will be distributed to Aave users through liquidity mining.

Aave’s social media protocol, Lens, is also preparing to migrate from Polygon to ZKSync in Q4, indicating a broader strategic alignment with privacy-focused technologies.

Aave Price Surges 30%

In related news, the price of Aave’s native token, $AAVE, surged to $140 on August 21, showing a 30% increase over the past seven days. Smart Dex Traders (SDTs) and whales are showing strong buying pressure, with their balances increasing over the past 24 hours.

A whale recently spent 4,000 $stETH (equivalent to $10.4 million) to acquire 77,270 $AAVE at $135 in a single day, according to Lookonchain.

However, analyst Ali Martinez highlights that the TD Sequential on the daily chart for $AAVE is flashing a sell signal, a pattern that historically led to an average 27% correction. This may indicate a potential price drop for $AAVE.

The last four times the TD Sequential flashed a sell signal on the #AAVE daily chart, it was followed by an average correction of 27%. The same sell signal is now appearing, suggesting a potential drop for $AAVE. pic.twitter.com/12yZwLT5tp

— Ali (@ali_charts) August 21, 2024

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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