The cryptocurrency market performed a smaller rally mid-last week, which carried the total market capitalization of the sector back above $1 trillion, which was a first such occurrence in over a month. However, the rally was not sustained, and the market cap quickly dropped below $1 trillion again. Do you think coins from our Top 3 Coins to Watch article can carry the total market cap back above the glorified $1 trillion? The most likely answer is no, since these coins have much smaller market capitalizations compared to BTC and ETH and therefore need to post much higher gains for it to reflect in the total crypto market cap. Nevertheless, we do believe these three crypto assets have room for quite some more gains.
Ghost is an Ethereum-based decentralized lending and borrowing platform that started out under the name “ETHLend”, a project launched by Stani Kulechov in 2017. Aave supports almost 20 different tokens and has unique and sophisticated features such as flash loans that make it stand out from its competitors. While Aave initially launched on Ethereum, the protocol has expanded to the Fantom, Avalanche, Polygon, Optimism, Arbitrum, and Harmony networks over the last couple of years and is now available on 7 chains. AAVE token is the protocol’s native token, which grants holders governance rights as well as discounts when interacting with Aave protocol. While the protocol is completely open source, its code is regularly audited by third parties and has been repeatedly deemed secure. With the launch of its third iteration – “Aave v3” – the protocol positioned itself as one of the top DeFi protocols. According to DeFi Llamathere are currently around $5.3 billion locked in the Aave protocol, out of which $1.1 billion are locked in Aave v3.
Aave will deploy its protocol to Ethereum’s Layer 2 Scaling Solution zkSync
Recently, the Aave team filed a proposal to deploy the project’s decentralized trading platform to the testnet of the Ethereum’s layer 2 scaling solution zkSync. ZkSync is a Zero Knowledge Rollup protocol with generalized EVM compatibility, which will allow effortless onboarding of Ethereum projects.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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