DeFi protocol Aave has repurchased over 100,000 AAVE tokens at an average price of $239.25, according to recent data. The total buyback amount may increase depending on the protocol’s revenue performance.
Marc Zeller, Aave community manager and founder of the Aave Chan Initiative (ACI), stated that given current revenue levels, buyback density could be doubled up to a certain price threshold. Zeller stated that he would present this plan to the management forum after review.
According to market data, Aave’s market capitalization is at $3.87 billion and has increased by 1.24% in the last 24 hours.
AAVE hit an all-time high of $666.86 on May 19, 2021, and the current price is 62.05% below that level.
Aave is known as a decentralized finance protocol where users can lend and borrow cryptocurrencies. Investors earn interest by depositing their assets into private liquidity pools, while borrowers can use these assets as collateral and take advantage of features like “flash loans.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/developers-of-one-of-the-major-altcoins-of-2021-bull-announce-they-have-repurchased-a-significant-amount-of-tokens/
