What Is Aave Cryptocurrency?

Aave LEND crypto review
Aave LEND crypto review

Since blockchain technology offers new challenges and opportunities, the Aave project’s team brings its spin on the lending and how to employ it in the crypto world. Changelly will help you to explore the world of Aave project, its cryptocurrency called LEND, and the system it supports. 

Aave (LEND) Basics

Aave was first launched in 2017 under the name of ETHLend, which was also a lending platform. The rebranding happened in late 2018 because the team decided to widen the list of features.

One of the essential services is Aave Protocol. It was launched in March 2020 and signified the change in the company’s strategy. Before, ETHLend was just a decentralized P2P lending platform. However, with Aave Protocol, this model shifted to pool-based lending. Now, it’s an open-source and non-custodial service that allows users to create their money markets based on the Ethereum blockchain.

Among other notable features, there are Flash Loans and Rate Switching. 

  1. Flash loans allow users to take out a loan without any collateral, but on the condition that the liquidity is returned to the lending pool before the transaction ends. If that doesn’t happen, the transaction won’t complete, safely returning lent money to the pool. This allows users to get money on quick notice to repay quickly.
  2. Rate Switching is a function that helps users to deal with the market’s volatility. It will enable switching between fixed/floating interest rates. Both options have their applications, as the fixed rate works better for high-interest assets, while the floating works great with the more volatile ones, allowing them to play on the rise/fall of their price.

Aave uses LEND tokens as an internal currency. LEND is an ERC-20 token which reduces fees and gives governance rights for smart contract protocols. Holders of LEND crypto can also vote on the dev team’s proposals and the platform’s various parameters, like interest rates, new assets, etc. Basically, people who hold LEND are participating in the development of the blockchain as a whole.

Aave Token Price History

Aave Lend crypto historic price

Aave (LEND) crypto was first launched on November 30, 2017, with a price of $0.0177 for one token. It really took off, reaching its peak of $0.39 on January 7, 2018, but soon it fell down to $0.01-0.02 range. LEND crypto token price remained on that level until late April 2020, where it hit a bull run. As of now, it hit the peak on July 12, 2020, with the price being $0.24, the highest since the initial spike. 

Where to Buy and Sell LEND Cryptocurrency

Since LEND crypto recently went on a bullish streak, with its price and market capitalization rising, more exchanges and marketplaces add it to their listings. Here are a few reliable platforms where you can get it:

  • Binance — one of the biggest crypto exchange platforms on the market. On Binance, you can exchange LEND for BTC and ETH, with more swap options possible. 
  • HitBTC — another major player among cryptocurrency exchanges, HitBTC offers you to swap your Aave crypto for BTC, but, sadly, no ETH at the moment.
  • Poloniex — on Poloniex, you can exchange your LEND crypto token for BTC and USDT.

You can sell LEND pretty much on the same platform where you’ve bought it. With the account ready and the coin safely stored, it is easy to wait for the right time to get the maximum profit. 

Where to Store LEND Cryptocurrency

Ethereum wallets allow you to store LEND crypto. You can find most of them in our list of the best Ethereum wallets. We’ve mentioned the most popular wallets down below:

  • MyEtherWallet — Ethereum-only wallet that supports all ERC-20 tokens, including LEND. 
  • Ledger Nano S — multicurrency hardware wallet, Ledger Nano, is one of the most popular wallet models. Secure, mobile, and easy to use.
  • Trust Wallet — mobile multicurrency wallet available for Android and iOS. It allows you to keep your crypto on hand while keeping them secure.  

Summary

That’s all that we have to say about Aave (LEND), how it works, where you can get and store it, and how you can use it. 

Since the rebranding, the team behind the crypto managed to add a lot of features and services: Aave Protocol, Aave Oracle, Uniswap Market, quite a few integrations, as well as tweaking their borrowing rates. However, Aave isn’t resting on laurels, as can be seen from them updating Bug Bounties. This, and LEND’s recent bull run, show us that there is much that Aave crypto has a lot of potentials, so stay tuned for more crypto-related reviews!


About Changelly

Your email address will not be published. Required fields are marked *