According to Odaily, Aave (AAVE) has experienced a notable increase in value over the past 24 hours, rising by 6% to reach a peak of $133.85. Over the last three days, the cryptocurrency has surged by 19.93%, outperforming the broader market. This uptick follows a proposal by Marc Zeller, founder of the Aave-chan Initiative, on July 25 to introduce a 'fee conversion' feature within the protocol. This feature aims to distribute fees to AAVE holders by repurchasing tokens from the secondary market.
As of now, AAVE's 24-hour trading volume stands at $341 million, with a total market capitalization of $1.992 billion, ranking it 38th in terms of market cap. The Aave protocol is currently deployed across multiple chains, including Ethereum Mainnet, Optimism, Arbitrum, Polygon, Base, and BNB Chain. On August 21, Aave's total value locked (TVL) reached $11.4 billion, making it the third-largest DeFi protocol by TVL.
