Aave’s LEND Token Jumps 23% on Plan for Liquidity Mining

Aave’s LEND token is the day's top performer among cryptocurrencies with at least $100 million market capitalization.

Jul 30, 2020 at 5:59 p.m. UTC
Updated Sep 14, 2021 at 9:38 a.m. UTC
  • 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.
  • On Wednesday, the protocol announced the Aavenomics Proposal, a plan to transition to decentralized governance by token holders, featuring a liquidity-mining rewards system similar to the one that helped drive growth recently in Compound, a rival decentralized lender.
  • “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 Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Trending

1
CoinDesk - Unknown
Jae Kwon Returns to ‘NewTendermint’ to Battle for the Soul of Cosmos

Ignite, which rebranded from Tendermint in February, will split into two entities: Ignite and NewTendermint.

Ignite, which rebranded from Tendermint in February, will split into two entities: Ignite and NewTendermint.

CoinDesk - Unknown
2
CoinDesk - Unknown
Crypto Whales Ditched Tether for USDC After Stablecoin Panic

The UST failure prompted large investors on the Ethereum blockchain to leave USDT for the perceived safety of its biggest competitor.

The UST failure prompted large investors on the Ethereum blockchain to leave USDT for the perceived safety of its biggest competitor.

CoinDesk - Unknown
3
CoinDesk - Unknown
FTX’s Bankman-Fried Pitches CFTC on Directly Clearing Customers’ Crypto Swaps

The crypto exchange’s founder and CEO made his case at a Washington D.C. roundtable, while mainstream derivatives firms painted his ideas as dangerous.

The crypto exchange’s founder and CEO made his case at a Washington D.C. roundtable, while mainstream derivatives firms painted his ideas as dangerous.

CoinDesk - Unknown
4
CoinDesk - Unknown
Terra lanzaría su snapshot esta semana: cómo serán distribuidos los 'nuevos' LUNA

El suministro de tokens en la nueva blockchain será de poco más de $116 millones, dijeron los desarrolladores.

El suministro de tokens en la nueva blockchain será de poco más de $116 millones, dijeron los desarrolladores.

CoinDesk - Unknown