DeFi project Aave saw a major amount of activity recently, during which its price, market cap, and TVL surged enough for it to overtake Uniswap.
Recently, Aave (AAVE) — a DeFi protocol that allows users to lend and borrow money — saw a significant price surge of over 13%. The coin’s price surged past $500 as a result, currently sitting at $510. More than that, Aave finally managed to increase its market cap enough to overtake Uniswap (UNI).
Uniswap loses the lead to Aave
Aave has had quite a few profitable days recently. On a weekly basis, the coin went up by over 70%. In the meantime, its market cap climbed up to $6.2 billion, allowing the coin to reach the 14th spot on the list of largest cryptocurrencies by market cap.
Meanwhile, Uniswap (UNI) is the native cryptocurrency of the world’s biggest decentralized exchange (DEX). Uniswap used to be the world’s largest DeFi project by market cap until now, when Aave overtook that position.
Uniswap is not far behind, however — its market cap is at $5.8 billion. Not only that, but Uniswap price did not drop. In fact, it grew by 5.49% in the last 24 hours, and 9.03% on a weekly basis. The coin currently has a price of $19.38. In other words, Uniswap is performing rather well. It’s just that Aave is currently performing better.
Aave is growing to be the leading project in DeFi
As mentioned, Aave is a DeFi lending platform, based on the Ethereum network. The project recently made news due to a major surge in its transaction volume. Glassnode recently published on Twitter that AAVE Transaction Volume (7d MA) just reached an ATH at $15,011,577.97, while its previous all-time high was at $14,988,206.34.
???? $AAVE Transaction Volume (7d MA) just reached an ATH of $15,011,577.97
Previous ATH of $14,988,206.34 was observed on 05 February 2021
— glassnode alerts (@glassnodealerts) February 8, 2021
Aave is also among the leading projects in terms of TVL (Total Value Locked). According to DeFi Pulse, Aave is the second-largest project based on TVL, currently seeing $5.42 billion in tokens locked. The only project that has more is Maker, with a TVL of $5.78 billion. Meanwhile, Uniswap hasa TVL of $3.55 billion, sitting at the 5th spot.
As a second-largest project, Aave is contributing around 15.7% of the TVL of the entire DeFi market.
DeFi market explodes following Bitcoin’s rise to $40k
The DeFi sector has seen explosive growth in 2020, and so far, the rapid surge has continued just as strongly in 2021. DeFi is becoming bigger by the day, and so far, the overall DeFi market cap increased by 300% in 2021, according to Messari data.
Currently, the top DeFi performers include Maker (MKR), Aave (AAVE), Compound (COMP), Curve Finance (CRV), Uniswap (UNI), SushiSwap (SUSHI), and others. All of these projects have recorded massive amounts of growth in 2021 YTD.
Now, while Bitcoin is once again climbing towards the $40k mark, and Ethereum has made a new all-time high above $1,700 — many of the DeFi tokens literally saw their prices double.
The altcoin season might finally be coming, as many projects outside of the ETH ecosystem also saw strong price surges, such as Chainlink (LINK), whose price went from $10 on December 25th to $26 by February 5th.
Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…