Aave wants to create a mobile wallet
Open source Defi protocol, Aave, announced the launch of a mobile wallet this year. The announcement was made on Twitter by founder Stani Kulechov, who described it as the first announcement of the year.
Aave is launching a mobile wallet soon
The protocol is a DeFi platform where people can borrow and lend cryptocurrency. Users can contribute to the different loan pools on the platform to earn interest, and collateral is required for those who wish to borrow.
First announcement of the year, Aave is building a mobile wallet 👻
– stani.eth (👻, 🐻❄️, 🦎.🦎) (@StaniKulechov) January 1, 2022
Although it is built on Ethereum, Aave has deployed on other blockchains while continuing to develop its market. For example, it has deployed on avalanche and Polygon in 2021 while implementing Uniswap, Gelaton Network and Balancer Labs.
But it doesn’t look like it will stop expanding anytime soon. The development of mobile wallets is just part of a larger plan to see the loan protocol expand to SushiSwap and Curve Finance this year.
The price of Aave reacts positively and increases by 6%
With the announcement of a mobile wallet, the price of the native Aave token ($ AAVE) saw its value increase. The Aave token has risen 6.47% in the past 24 hours to $ 273.50.
This breaks the downtrend of the past seven days when the token broke through the $ 290 mark for the first time in some time. Soaring prices were the result of Adoption of the protocol by the SEBA Bank. The Swiss bank has been whitelisted on Arc, an institutional platform developed by the Aave team, which allows its clients to have wider access to the Aave platform.
With more developments and scaling plans to come, Aave is set for further gains in this test and will be looking to break its May 2021 record, when it hit $ 666. Additionally, with rumors of Aave V3 and plans for a TVN collateral protocol, the future looks bright for the protocol.
