Decentralized finance protocol Aave is experiencing a notable increase in whale activity as the market aims to recover from the recent downturn that pushed many altcoins to key support areas earlier this week.

On July 31, data revealed that whales had aggressively accumulated Aave over the past two days. Specifically, whales withdrew over 58,848 AAVE worth $6.47 million from exchanges during this period.

In one instance, the whale address 0x9af4 withdrew 11,185 AAVE worth $1.23 million from Binance. Another address moved 21,619 AAVE worth over $2.38 million from the exchange and deposited the tokens into Aave. These withdrawals followed an earlier transfer of 26,044 AAVE by the whale address 0xd7c5, which amounted to over $2.83 million withdrawn from Binance.

AAVE’s price surged by more than 7% in the past 24 hours, driven by buy-side pressure from these whales. Currently, the DeFi token trades around $111, having jumped more than 18% in the past week.

Recently, AAVE price increased by more than 8% after Aave founder Marc Zeller announced a fee switch proposal aimed at adopting a buyback program for AAVE tokens.

The total value locked in the Aave protocol currently stands at around $22 billion.

About $19.9 billion is on Aave V3, while the V2 chain still holds about $1.9 billion in TVL and V1 about $14.6 million.

Aave Labs recently announced that Aave V3.1 had gone live across all networks with active Aave V3 instances. The V3.1 version features enhancements aimed at improving the DeFi protocol’s overall security. Aave DAO governance approved the V3.1 improvements, which also include operational efficiency and usability for the network.

Meanwhile, Aave Labs has outlined an ambitious roadmap for the project, with a 2030 vision for Aave V4 among other developments.

For more updates on Aave and the latest in cryptocurrency news, stay tuned to Global Crypto News.

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