Aave (LEND) surged higher on Monday as the rest of the cryptocurrency market inched higher. As of this article’s writing, LEND is trading 30% higher than it was just 24 hours ago, setting a new all-time high around $0.75.<\/p>\n
With this, the asset has entered the top-25 cryptocurrencies by market capitalization. While it was once almost this high before, having surged during the 2017 crypto mania, this time the rally is predicated on fundamentals.<\/p>\n
LEND entered the top 25 today after the U.K. entity that develops the project, Aave Limited, secured a strong regulatory approval from the U.K. government.<\/p>\n
Aave was granted an electronic Money Institution (EMI) license, which purportedly allows the company to offer similar services to Coinbase and Revolut, both of which have the same license from the U.K.’s regulator.<\/p>\n
Kelvin Koh, a partner at The Spartan Group, says that Aave is only the first of many crypto assets related to DeFi that will enter the top 25. He explained after the cryptocurrency accomplished that feat:<\/p>\n
“A few weeks ago I suggested one of the DeFi tokens will get into the Top 25 on CMC before yearend. $LEND is the first to do this. I expect to see at least half a dozen more DeFi tokens achieve this feat before this cycle is over.”<\/p><\/blockquote>\n
\nA few weeks ago I suggested one of the DeFi tokens will get into the Top 25 on CMC before yearend.$LEND<\/a> is the first to do this. I expect to see at least half a dozen more DeFi tokens achieve this feat before this cycle is over.<\/p>\n
— Kelvin Koh (@SpartanBlack_1) August 25, 2020<\/a><\/p><\/blockquote>\n