{"id":517922,"date":"2023-01-29T05:33:28","date_gmt":"2023-01-29T10:33:28","guid":{"rendered":"https:\/\/wncen.com\/?p=517922"},"modified":"2024-06-11T15:07:44","modified_gmt":"2024-06-11T15:07:44","slug":"aave-gets-cleared-of-debt","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/aave-gets-cleared-of-debt\/","title":{"rendered":"AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?"},"content":{"rendered":"

The lending platform AAVE has been enjoying positive news lately. According to reports, AAVE has passed a governance proposal that would eradicate all bad debt it accumulated when Avraham Eisenberg, orchestrator of the <\/span>Mango Markets exploit<\/span><\/a>, targeted the platform\u2019s Ethereum V2 liquidity pool back in <\/span>November 2022<\/span>.\u00a0<\/span><\/p>\n

However, the governance token of the platform, AAVE, has not responded either positively or negatively. According to data from <\/span>CoinGecko<\/span><\/a>, the token registered losses in the daily and weekly time frames. But these losses are too miniscule to revert the token\u2019s gains from the start of the year.\u00a0<\/span><\/p>\n

\u00a0<\/span>With the launch of AAVE\u2019s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it.\u00a0<\/span><\/p>\n

\"AAVE\"Image: Coinpedia<\/pre>\n
The Gist Of The Proposal & On-Chain Developments<\/strong><\/h2>\n
Based on the <\/span>proposal<\/span><\/a>, the token has over 2,677,749 units of CRV in debt on its Ethereum V2 CRV reserve. This is worth, at the date of the proposal, over $2.5 million. The proposal would use V2\u2019s stablecoin reserve to buy the necessary number of units of CRV to pay the debt.<\/span><\/p>\n
This obviously was accepted by the community positively, being implemented immediately by January 25th. This would reverse the damage of the exploit attempt, proving the liquidity of the protocol.\u00a0<\/span><\/p>\n
The deployment of AAVE\u2019s V3 on Ethereum was also implemented. According to <\/span>DefiLlama<\/span><\/a>, the crypto is in the top 4 among all platforms. AAVE V3, the Ethereum pool deployment, has over $526.52 million total value locked.\u00a0<\/span><\/p>\n
\"\"Image: DefiLlama<\/span><\/a><\/pre>\n
At $86.02, What’s In Store For AAVE?\u00a0<\/strong><\/h2>\n
The token is currently consolidating around the $85.8 support range. This could be a sign that the token still has room to regain lost ground from 2022\u2019s bear market. However, this can only be achieved if the token closes with a green candle to continue AAVE\u2019s rally when the year started.\u00a0<\/span><\/p>\n
Investors and traders should target the token\u2019s current resistance at $90.15. If the bulls can consolidate at the token\u2019s present support, we can see an upward push towards $94.70.\u00a0<\/span><\/p>\n
Related Reading: Dogecoin Ascent Slows, But Why Are Analysts Still Bullish About The Memecoin?<\/a><\/div>\n
<\/p>\n
AAVE total market cap at $1.2 billion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
Related Reading: What Is Threshold (T) And Why Is This Lesser-Known Coin Swelling By 146%?<\/a><\/div>\n
Investors should also monitor the token\u2019s correlation with Bitcoin and Ethereum as these would have a big influence on its price movement in the short to medium term. <\/span><\/p>\n
As these major cryptocurrencies retest their crucial resistances, a breakthrough by either one or both of these coins would boost AAVE\u2019s momentum to regain lost ground.\u00a0<\/span><\/p>\n
With this in mind, investors and traders should exercise caution in the short to medium term as the token can still be clawed by the bears to revert back to $78.65.<\/span><\/p>\n
Featured image by Kanalcoin.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The lending platform AAVE has been enjoying positive news lately. According to reports, AAVE has passed a governance proposal that would eradicate all bad debt it accumulated when Avraham Eisenberg, orchestrator of the Mango Markets exploit, targeted the platform\u2019s Ethereum V2 liquidity pool back in November 2022.\u00a0 However, the governance token of the platform, AAVE, has not responded either positively or negatively. According to data from CoinGecko, the token registered losses in the daily and weekly time frames. But these losses are too miniscule to revert the token\u2019s gains from the start of the year.\u00a0 \u00a0With the launch of AAVE\u2019s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it.\u00a0 Image: Coinpedia The Gist Of The Proposal & On-Chain Developments Based on the proposal, the token has over 2,677,749 units of CRV in debt on its Ethereum V2 CRV reserve. This is worth, at the date of the proposal, over $2.5 million. The proposal would use V2\u2019s stablecoin reserve to buy the necessary number of units of CRV to pay the debt. This obviously was accepted by the community positively, being implemented immediately by January 25th. This would reverse the damage of the exploit attempt, proving the liquidity of the protocol.\u00a0 The deployment of AAVE\u2019s V3 on Ethereum was also implemented. According to DefiLlama, the crypto is in the top 4 among all platforms. AAVE V3, the Ethereum pool deployment, has over $526.52 million total value locked.\u00a0 Image: DefiLlama At $86.02, What’s In Store For AAVE?\u00a0 The token is currently consolidating around the $85.8 support range. This could be a sign that the token still has room to regain lost ground from 2022\u2019s bear market. However, this can only be achieved if the token closes with a green candle to continue AAVE\u2019s rally when the year started.\u00a0 Investors and traders should target the token\u2019s current resistance at $90.15. If the bulls can consolidate at the token\u2019s present support, we can see an upward push towards $94.70.\u00a0 Related Reading: Dogecoin Ascent Slows, But Why Are Analysts Still Bullish About The Memecoin? AAVE total market cap at $1.2 billion on the daily chart | Chart: TradingView.com Related Reading: What Is Threshold (T) And Why Is This Lesser-Known Coin Swelling By 146%? Investors should also monitor the token\u2019s correlation with Bitcoin and Ethereum as these would have a big influence on its price movement in the short to medium term. As these major cryptocurrencies retest their crucial resistances, a breakthrough by either one or both of these coins would boost AAVE\u2019s momentum to regain lost ground.\u00a0 With this in mind, investors and traders should exercise caution in the short to medium term as the token can still be clawed by the bears to revert back to $78.65. Featured image by Kanalcoin.com<\/p>\n","protected":false},"author":557,"featured_media":517928,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-517922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\nAAVE Seeks Proposal To Clear Itself Of Bad Debt - Can It Overcome These Obstacles?<\/title>\n<meta name=\"description\" content=\"The lending platform AAVE has been enjoying positive news lately. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?","url":"http:\/\/wncen.com\/news\/aave-gets-cleared-of-debt\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/aave-gets-cleared-of-debt\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/AAVE-1.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/AAVE-1.png?fit=691%2C434"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":[],"dateCreated":"2023-01-29T10:33:28Z","datePublished":"2023-01-29T10:33:28Z","dateModified":"2024-06-11T15:07:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/aave-gets-cleared-of-debt\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/aave-gets-cleared-of-debt\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/AAVE-1.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/AAVE-1.png?fit=691%2C434\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[],\"dateCreated\":\"2023-01-29T10:33:28Z\",\"datePublished\":\"2023-01-29T10:33:28Z\",\"dateModified\":\"2024-06-11T15:07:44Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/AAVE-1.png?fit=691%2C434","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517922"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=517922"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517928"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=517922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=517922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=517922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}