Aave had been seeing a rise in its Total Value Locked (TVL) as of October 31, according to data. The versions 2 and 3 of the protocol were created after its initial release. The TVL recorded is the sum of all iterations.
At the time of writing, DefiLLama reported that Aave’s visible TVL was £4.83 billion. An upward inflection that indicated an upswing in the TVL could be noticed. The TVL was around £4.39 billion as of 24 October, according to data.
This showed that there had been an increase of about £43.6 million. From September’s figures, it had come a long way. It appeared to be making progress toward regaining its peaks.
Aave’s growth might have been further accelerated due to its deployment on different chains. The DefiLlama charts showed that Aave initially concentrated mostly on the Ethereum chain. Avalanche, Polygon, and Arbitrum are just a few of the chains that have already implemented the protocol.
All these chains are Ethereum Virtual Machine (EVM) compatible. Aave project member Marc Zeller recently revealed that plans were underway to expand the use of Aave on chains that were incompatible with EVM.
AAVE’s price movement showed that it had recently experienced an uptrend. The token was also targeting a new level of support. The short Moving Average (MA) could also be seen supporting the cryptocurrency. The range of the support level was £69.7 to £62.9.
The long MA was also present in the same time frame, acting as resistance. It was possible to see the resistance zone between £79.6 and £88.9. At press time, the Relative Strength Index (RSI) showed a bullish trend. The altcoin might be on the verge of a stronger bull run because the RSI line was above the neutral line and showed an upward inflection.
In a recent remark, Aave’s Marc Zeller mentioned the protocol’s creator Stani Kulechov and his tweet. The tweet was about the launch of the Aave debit card.
He stated that it was still under development but would be launched soon. He talked about financial services as well as the development of the Aave app and wallet. As a one-stop shop for social media and DeFi services, this might be useful. The ecosystem of the Aave may benefit from this development.
Additionally, it would increase the token’s value and open up new lending and borrowing options in the crypto market.