AAVE, the governance token underpinning the Aave protocol, has risen more than 30% over the past 24 hours.
This puts the token at $235.92, according to data pulled from CoinMarketCap. This token, like many others in the world of decentralized finance (DeFi), is used to vote on updates to the protocol and participate in Aave’s governance measures.
The latest price move comes in the wake of the protocol’s latest upgrade and ongoing interest from larger financial institutions.
Launched on March 16, Aave V3 added cross-chain capabilities, layer-2 scaling solutions, and reduced the gas costs of interacting with the money market.
The AAVE token was trading at roughly $121 at that time, marking the beginning of a continued upward trend. The price is still more than 66% away from its all-time high of $666.86 set in May last year.
Elsewhere, Brazil’s central bank has also included Aave in its list of eight other partners to build out its central bank digital currency (CBDC). Aave was joined by Santander Brazil, Mercado Bitcoin, Visa de Brasil, Unibanco, and others.
1/ Aave V3 is here! 👻 The most powerful version of the Aave Protocol to date, V3 brings groundbreaking new features than span from increased capital efficiency to enhanced decentralization. Read what’s new in V3 in the thread below👇or visit https://t.co/H3jTyKRqNs to dive in! pic.twitter.com/LXzn7660nA