- Aave’s LEND token has rallied by 23% in the past 24 hours and is trading at $0.3440 at press time, according to data source Messari. It's the day's top performer among cryptocurrencies with at least $100 million market capitalization.
- “The price rally suggests the protocol’s upcoming swap and revamped tokenomics has started to gain steam,” Su Zhu, CEO of the cryptocurrency-focused investment fund Three Arrows Capital, told CoinDesk in a Telegram chat. Three Arrows holds the LEND tokens.
- The new model will convert the existing 1.3 billion LEND to AAVE governance tokens in 100:1 ratio, effectively a reverse split.
- AAVE holders will be able to stake their tokens in return for new tokens and a percentage of protocol fees.
- “The market seems to have approved our proposal,” Marc Zeller, integration lead at Aave, told CoinDesk in a Twitter chat. “New actors are preparing to participate in the governance proposal and in the upcoming safety module.”
- LEND has jumped 18-fold in 2010, the most among large- and mid-cap cryptocurrencies, according to Messari.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.