DeFi protocol Aave is seeing a significant spike in whale activity as the market looks to recover from the recent slide that pushed most altcoins into major support areas earlier this week.
On July 31, Lookonchain subscriber Details indicate that whales have been accumulating Aave (AAVE) heavily over the past two days. According to the data, whales have withdrawn over 58,848 AAVE worth $6.47 million from exchanges during this period.
In one case, whale address 0x9af4 withdrew 11,185 AAVE worth $1.23 million from Binance. Meanwhile, another address moved 21,619 AAVE worth over $2.38 million from the exchange and deposited the tokens into Aave.
These withdrawals come after a previous transfer of 26,044 AAVE by whale address 0xd7c5, which totaled over $2.83 million withdrawn from Binance.
AAVE price has surged over 7% in the past 24 hours amid buying pressure from these whales. The DeFi token is currently trading at around $111, having jumped over 18% in the past week.
AAVE price recently surged over 8% after Aave founder Mark Zeller announced a fee swap proposal with the aim of adopting a buyback program for AAVE tokens.
Aave 3.1 Released
The total value locked in the Aave protocol is currently around $22 billion. According to DeFiLlamaThere is about $19.9 billion in Aave V3, while V2 chain still holds about $1.9 billion in TVL and V1 about $14.6 million.
Avi Labs Advertise Earlier today, Aave V3.1 was launched across all networks with active Aave V3 instances.
Version 3.1 includes improvements aimed at improving the overall security of the DeFi protocol. The Aave DAO administration has approved the improvements to version 3.1, which also include operational efficiency and ease of use of the network.
Meanwhile, Aave Labs recently outlined an ambitious roadmap for the project, with a 2030 vision for Aave V4 among other developments.
