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When was AAVE coin issued? Learn about the origin of AAVE coin in one article
Conceived as part of the revamped Aave Protocol in 2020, the AAVE coin emerged to expand the functionality of the original ETHLend platform.
Oct 02, 2024 at 11:48 pm
- Origins of the AAVE Coin
The AAVE coin has its roots in an existing decentralized finance (DeFi) platform known as ETHLend. Conceived in 2017, ETHLend allowed users to lend and borrow cryptocurrencies, facilitated by the LEND token.
- Creation of Aave Protocol
In 2020, the Aave team launched its revamped platform, Aave Protocol, alongside the introduction of the AAVE coin. The new platform expanded on ETHLend's core functionality, enabling users to access other DeFi services such as flash loans, lending pools, and more.
- AAVE Coin Distribution
The distribution of AAVE coins took place in two phases:
- Airdrop to LEND Holders: Existing LEND token holders were airdropped AAVE coins at a ratio of 100 LEND to 1 AAVE.
- Distribution to Aave Protocol Users: Early users of the Aave Protocol were also eligible to receive AAVE coins as a reward for their participation.
- AAVE Coin Use Cases
The AAVE coin plays several critical roles within the Aave Protocol ecosystem:
- Governance: AAVE holders can participate in the governance of the protocol, voting on proposals and influencing its future development.
- Rewards: Users who stake AAVE coins are entitled to a portion of the protocol's revenue as rewards.
- Collateral: AAVE can serve as collateral to obtain flash loans and unlock other services within the Aave Protocol.
- AAVE Coin Performance and Outlook
Since its launch in 2020, the AAVE coin has gained significant traction in the cryptocurrency market. Its value has fluctuated over time, but it has generally shown an upward trend. The future of AAVE is highly dependent on the growth and adoption of the DeFi ecosystem, as well as the broader crypto market conditions.
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