Crypto giant Grayscale is adding another asset to its portfolio with a new trust focused on the decentralized finance (DeFi) protocol Aave. This trust will invest solely in Aave’s native token, AAVE, and operates similar to Grayscale’s other single-asset trusts.
Aave: Revolutionizing Finance?
Aave, launched in 2017, aims to create a decentralized platform for lenders and borrowers. Grayscale’s head of product and research, Rayhaneh Sharif-Askary, sees Aave as a potential game-changer for traditional finance. “By using blockchain technology and smart contracts, Aave’s platform aims to optimize lending and borrowing while cutting out middlemen and reducing reliance on human judgment,” she stated.
Grayscale’s Expansion into DeFi
This new Aave trust is just the latest addition to Grayscale’s expanding portfolio. They’ve recently launched trusts for a variety of crypto assets, including XRP, Avalanche, Maker, Bittensor, and Sui Network.
AAVE Price Action
At the time of writing, AAVE is trading at $142.49. It’s up nearly 4% in the past 24 hours, outperforming the overall crypto market which is down 1.6%. However, AAVE is still down almost 14% over the past week.
Disclaimer: This information is not financial advice. Always do your own research before investing in any cryptocurrency or digital asset.
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