On 7 July, main Decentralized Finance (DeFi) protocol AAVE announced plans to launch the community’s overcollateralized stablecoin – GHO. This determination was made topic to the group’s approval.
Voting by group members on the proposal began on 28 July and ended on 31 July. According to the tallied votes, 99% of voters supported the creation of the GHO stablecoin, pledging 501,000 AAVE tokens.
When AAVE introduced its intention to launch GHO, its native token, AAVE, rallied by 45%. This ended the token’s extended bearish run. In truth, during the last 30 days, AAVE has appreciated considerably on the value charts.
AAVE is formidable
H1 2022 was a 6-month interval marked by a extreme decline within the costs of many crypto-assets, together with Bitcoin and Ethereum. Amidst the market massacre, the value of AAVE declined by 79%, with the alt ending Q2 across the $50-price degree.
July, nonetheless, ushered in a bullish retracement, one which noticed many crypto-assets posting vital good points. Riding on the influence of the final bullish market and the information of its stablecoin launch, AAVE recorded a 75% uptick in simply 31 days.
Still reeling below the influence of the extended bear market, AAVE began the month with an index value of $56.36. The altcoin later launched into an upward rally as the remainder of the cryptocurrency market recovered, inflicting it to finish the buying and selling month at $98.38.
Ranked forty first on CoinGecko at press time, AAVE’s market capitalization rose from $784 million to $1 billion over the interval below assessment.
Furthermore, throughout the 31-day interval, the crypto’s buying and selling quantity grew by over 300%.
The final 24 hours have been vital too. Data from CoinMarketCap revealed vital buying and selling exercise, with quantity up by 92% over the identical.
As AAVE’s value rose, the shopping for stress for the crypto additionally appreciated steadily. Over that interval, the alt’s Money Flow Index (MFI) and Relative Strength Index (RSI) touched highs of 77 and 63, respectively.
The MFI and RSI marked their spots across the 59 and 50 ranges, shedding momentum at press time.
According to information from Santiment, after climbing to a excessive of 1863 each day lively addresses on 18 July, the variety of distinctive addresses that traded the alt declined step by step to simply 1045 addresses by the top of the month. Over a 31-day window, this metric grew by 35%.
The index for brand new addresses created on the community additionally registered a hike of 58% over the month.
With the event of the GHO stablecoin underway, July has been a great month for AAVE.
Finally, in July, traders remained bullish as they held onto their AAVE. The identical may be evidenced by the downward slope of the Supply on Exchanges metric over a 31-day interval.