Aave

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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’s Ethereum V2 liquidity pool back in November 2022. 
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’s gains from the start of the year. 
 With the launch of AAVE’s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it. 

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’s 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. 
The deployment of AAVE’s 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. 

At $86.02, What’s In Store For AAVE? 
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’s bear market. However, this can only be achieved if the token closes with a green candle to continue AAVE’s rally when the year started. 
Investors and traders should target the token’s current resistance at $90.15. If the bulls can consolidate at the token’s present support, we can see an upward push towards $94.70. 




Investors should also monitor the token’s 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’s momentum to regain lost ground. 
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


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’s Ethereum V2 liquidity pool back...

newsbtc.com

AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?

Aave V3 is now live on the Ethereum mainnet. With this upgrade, WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE are the only supported assets. 
Aave V3 Improves Capital Efficiency
Stani Kulechov, the co-founder of Aave, said V3’s flexible design introduces new ways of mitigating risks, reducing gas costs, and improving capital efficiency, all while ensuring better liquidity decentralization.

Aave Protocol V3 is now live on the Ethereum market 
”The most exciting aspect of V3 is its flexible design, which enables a variety of new risk mitigation features, and its improved capital efficiency & decentralized liquidity – all while reducing gas costs.” @StaniKulechov pic.twitter.com/QsSnnlhEMr
— Aave (@AaveAave) January 27, 2023

This upgrade came after the Aave community delayed the upgrade. Then, Aave developers assessed that immediately improving V2 Pools to V3 would not have yielded the desired level of compatibility with other Aave V3 pools running on Avalanche, Polygon, and Ethereum layer-2 platforms.

The current Aave V3 on Ethereum has been reworked. It is negligibly complex and more compatible with other Aave V3 pools outside of Ethereum.
The transition to Ethereum, expanding Aave’s presence in top blockchains, didn’t immediately affect its total value locked (TVL). Data show that it is 2% lower in the past 24 hours. However, TVL is up 24% in the last month, rising to $4.56 billion as of the time of writing on January 27, according to data streams from DeFiLlama.
Aave is now the fourth largest DeFi protocol by TVL, trailing Lido Finance, MakerDAO, and Curve. However, the dApp is the second-largest lending protocol by TVL, behind MakerDAO. By launching on Ethereum, and upgrading from the original V2, the protocol’s TVL might gradually increase over the coming weeks or months. 
This, in turn, may positively impact AAVE prices.

Aave is a decentralized money market, allowing crypto holders to actively lend and borrow various assets. Integrating V3 on Ethereum avails the protocol on six other platforms, including Avalanche, Polygon, and Harmony. Polygon is compatible with Ethereum’s virtual machine, existing as a layer-2 protocol enabling higher scalability and significantly lower trading fees.
What Aave V3 Brings 
Developers claim Aave V3 introduces various changes that, as the co-founder said, make lending and borrowing more seamless and cheaper. 
According to the protocol, this version is optimized to reduce gas costs by around 20-25% across the board. Users can also move assets across all Aave markets, irrespective of the network. By launching on Ethereum, Harmony users, for example, would be free to transfer assets and participate in Aave V3 markets on the most active platform. 

Aave V3 introduces the “Isolated Mode” where Aave governance can vote to list new tokens as isolated assets with specific debt ceilings. Aave clarifies that the debt ceiling is the maximum USD reading that a borrower’s collateral can cover. Only approved tokens, mostly stablecoins, can be borrowed in this mode.



Aave V3 is now live on the Ethereum mainnet. With this upgrade, WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE are the only supported assets.  Aave V3 Improves Capital Efficiency Stani Kulechov, the co-founder of Aave, said V3&#8217;s flexible design introduces new ways of mitigating risks, reduci...

Aave V3 Is Live On Ethereum, TVL Up 24% In One Month

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE and FIL could breakout.

cointelegraph.com

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

Crypto analytics firm Santiment reports that whale activity on three altcoins has surged since the start of 2023.
Starting with the liquidity protocol Aave (AAVE), Santiment says that the 42nd-largest crypto asset by market cap has seen the number of transactions valued at over $100,000 increase by more than 1,100% year-to-date.

Next up is Litecoin (LTC). According to the crypto analytics firm, the 16th-largest digital asset by market cap has recorded an over 75% increase in $100,000+ transactions since the start of the year.
On the other hand, Santiment says that the decentralized virtual world Decentraland (MANA) has seen an over 871% increase in the level of transactions worth above $100,000 in under three weeks.
“As market-wide pumps have flattened out, for now, several altcoins continue individual runs. AAVE (+1,100%), MANA (+871%), and LTC (+75%) are up big on $100,000+ transactions since New Year’s.”
Source: Santiment/Twitter
Aave is trading at $84.63 at time of writing, up by 60% since the start of the year, while Litecoin is changing hands at $86.45, up by 24% since the year began. Decentraland’s market price is quoted at $0.69 at time of writing, up by 130% year-to-date.
Turning to Chainlink (LINK), a source of off-chain real-world information for smart contracts, Santiment says that the number of whales holding the 24th-largest crypto asset has risen by over 26% in the past eight months.
“Chainlink is floating a bit ahead of the altcoin pack today. There are 463 addresses that hold at least 100,000 LINK, and they have ascended +26% since May, 2022. It is encouraging when an asset sees whale accumulation during corrections.”
Source: Santiment/Twitter
Chainlink is trading for $6.79 at time of writing, up by 22% year-to-date.
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The post Whale Activity on Top Ethereum Altcoin Project Skyrockets 1,100% As Litecoin and Decentraland See Massive Jumps: Santiment appeared first on The Daily Hodl.


Crypto analytics firm Santiment reports that whale activity on three altcoins has surged since the start of 2023. Starting with the liquidity protocol Aave (AAVE), Santiment says that the 42nd-largest crypto asset by market cap has seen the number of transactions valued at over $100,000 increase ...

dailyhodl.com

Whale Activity on Top Ethereum Altcoin Project Skyrockets 1,100% As Litecoin and Decentraland See Massive Jumps: Santiment

Amid the ongoing rally in DeFi TVL, we’ve seen positive news and innovation popping up from the ecosystem. As the Aave protocol V3 cloud upgrade draws near, its native token, Aave, has skyrocketed since the beginning of this year, reaching higher highs for the first time in the last few months. 
Aave is an open-source liquidity protocol and its upcoming V3 cloud launch is just one of the protocols pending plans yet to be initiated. An Aave supporter with the Twitter handle @0x4Graham disclosed the upcoming upgrade launch. 
According to crypto reporter Collins Wu, the V3 upgrade will introduce cross-chain asset functions, community contribution tools, and a gas optimization model on the Aave protocol.

Aave Price Surges Nearly 37% In 7 Days
As the v3 cloud upgrade draws near, Aave’s native token has spiked in price by 36.5% in the past 7 days, following suit with other crypto and DeFi tokens surging in the market. Besides that, the past few weeks have seen Aave printing a bullish trend, in which the chart indicates anticipation before a significant move. 

Aave began the year with a ranging price of $50, and so far, the token has spiked to above $80 following the disclosure of the v3 cloud upgrade. Moreover, not only is the Aave token surging, but the protocol’s TVL has also done some significant rallies to the upside over the past weeks. 
Currently, Aave protocol has a cumulative TVL of $4.5 billion, up by 21% in one month. The protocol has always been one of the leading contributors to the whole DeFi ecosystem TVL, with Lido Finance at the top then MakerDAO as the second.
Though Aave has been climbing since the beginning of the year, it is still far from its all-time high of $661, seen in 2021. With the ongoing disbelief in the crypto market among investors, it is still uncertain whether the v3 cloud upgrade will be a good enough catalyst to drive its value beyond or closer to its peak.





The V3 upgrade is said to introduce community contribution tools, cross-chain asset functions, and a gas optimization model on the Aave blockchain. The optimization model is supposed to cut down transaction costs on the blockchain by up to 25% and make the Aave protocol more efficient and ready for other upgrades. This information comes along with the V3 upgrade details released by the Aave team towards the end of Q1 2022.
The initial V3 upgrade was introduced in March of last year and was described to be a groundbreaking protocol. According to the developers at Aave, the V3 upgrade provides various new features that include Portals, High-efficiency mode, Isolation mode, Gas optimization, L2 designs, Community, and Risk management.



Amid the ongoing rally in DeFi TVL, we’ve seen positive news and innovation popping up from the ecosystem. As the Aave protocol V3 cloud upgrade draws near, its native token, Aave, has skyrocketed since the beginning of this year, reaching higher highs for the first time in the last few months.  ...

Aave Price Surges As V3 Cloud Upgrade Draws Near

A crypto strategist who correctly called Bitcoin’s 2018 bottom says the floor for the BTC bear market is already in.
Pseudonymous analyst Smart Contracter tells his 281,500 Twitter followers that Bitcoin has managed to take out two diagonal resistances that have kept BTC in a downtrend for over a year.

“This weekly BTC candle is solid AF breaking very key trendlines and low timeframe momentum is still going strong.” 
Source: Smart Contracter/Twitter
Looking at Smart Contracter’s chart, Bitcoin appears to have broken out of a C-fork pattern, which is traditionally viewed as a potential reversal play.
With the breakout, the crypto analyst thinks that the bottom is in for the king crypto.
“My guts telling me bottom’s in, and we all got blinded by ‘mUh mACrO.'”
In 2018, Smart Contracter nailed Bitcoin’s floor around $3,000.
Looking at altcoins, the popular crypto strategist believes that Ethereum (ETH) and decentralized finance lending and borrowing protocol Aave (AAVE) are likely poised for rallies.
“I like AAVE for a breakout here. [It] has an identical structure as ETH before its breakout yesterday.”
Source: Smart Contracter/Twitter
Smart Contracter is a popular practitioner of the Elliott Wave theory, a technical analysis approach that seeks to predict the future price of an asset by following the psychology of market participants that tends to manifest in waves.
Based on the analyst’s charts, both ETH and AAVE have completed ABC corrective waves and now appear to be starting a new uptrend in the daily chart. The analyst predicts a rally to around $2,200 for Ethereum and $130 for Aave.
At time of writing, Ethereum is changing hands for $1,529 and Aave for $77.38.
Looking at smart contract protocol Avalanche (AVAX), the analyst believes that the Ethereum rival has more upside potential before it corrects.
“AVAX looking good here. Wave three extending. Wouldnt expect any meaningful pullback until at least $19-$20.” 
Source: Smart Contracter/Twitter
At time of writing, AVAX is switching hands for $16.49.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Analyst Known for Calling Bitcoin Bottoms Updates Outlook, Says Ethereum, Aave and One ETH Rival Set to Rally appeared first on The Daily Hodl.


A crypto strategist who correctly called Bitcoin&#8217;s 2018 bottom says the floor for the BTC bear market is already in. Pseudonymous analyst Smart Contracter tells his 281,500 Twitter followers that Bitcoin has managed to take out two diagonal resistances that have kept BTC in a downtrend for ...

Analyst Known for Calling Bitcoin Bottoms Updates Outlook, Says Ethereum, Aave and One ETH Rival Set to Rally

The loss occurred while Alameda Research liquidators were attempting to close a borrow position on Aave, but instead, removed the extra collateral used for the position.  

Alameda Research liquidators lost $72,000 during a fund consolidation attempt 

Some illiquid altcoins will have their borrow limit reduced by upwards of 99%.

Compound Finance to impose lending caps in light of failed Aave exploit

Community members of lending and borrowing platform Aave (AAVE) are submitting a governance proposal in the wake of an unsuccessful attempt to exploit the decentralized finance (DeFi) protocol.
According to the AAVE community, a wallet with the address “0x57e04786e231af3343562c062e0d058f25dace9e” borrowed a massive amount of Curve DAO Token (CRV) on AAVE using $40 million worth of USD Coin (USDC) as collateral, with the end goal being to short CRV.

The proposal, authored by DeFi risk management platform Gauntlet and protocol engineering developer Llama, says,
“Over this past week, the user 0x57e04786e231af3343562c062e0d058f25dace9e opened a short position on CRV using USDC as collateral. At its peak, the user was shorting ~92 million units of CRV (roughly $60 million USD at today’s prices).”
The exploit attempt was foiled, but AAVE sustained bad debt because of slippage.
“The attempt to short CRV on Aave has been unsuccessful, and the user lost ~$10 million USD from the liquidations. The user has been fully liquidated, but despite this, Aave has accrued a much smaller (~$1.6 million USD) bad debt position as of today’s CRV price.”
The proposal calls for the use of Gauntlet’s insolvency refund and the Aave Collector Contract to cover the excess debt, which is isolated to the CRV market.
“While this is a small amount relative to the total debt of Aave, and well within the limits of Aave’s Safety Module, it is best practice to recapitalize the system to make whole the CRV market.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Aave Community Proposes Governance Changes Following Attempted Crypto Exploit appeared first on The Daily Hodl.


Community members of lending and borrowing platform Aave (AAVE) are submitting a governance proposal in the wake of an unsuccessful attempt to exploit the decentralized finance (DeFi) protocol. According to the AAVE community, a wallet with the address &#8220;0x57e04786e231af3343562c062e0d058f25d...

Aave Community Proposes Governance Changes Following Attempted Crypto Exploit

The exploit failed due to a miscalculation of Aave's liquidity levels. 

Aave proposes governance changes after failed $60M short attack  

The Ethereum-based decentralized finance (DeFi) protocol Aave suffered an attack led by Avraham Eisenberg. The controversial individual was behind a sophisticated run against Mango Markets. The run has been called an attack by some and a clever strategy by others. 

Aave (AAVE) trades at $57 with a 7% and 36% loss in the last 24 hours and the previous week, respectively. Curve Finance’s native token CRV was also part of the attack. This token has seen significant selling pressure in the short term but has been trending to the upside over today’s trading session. 
AAVE’s price moving sideways after a downside trend on the daily chart. Source: AAVEUSDT Tradingview
Orchestrating An Attack On Aave, First Attempt?
Rudy Kadoch, founder of the portfolio management project Nested, summarized yesterday’s event and the “Bad Debt” attack on Aave. According to this report, Eisenberg borrowed $83 million of CRV and used $50 million of stablecoin USDC as collateral on the decentralized finance platform. 
Eisenberg published the thesis that supported this strategy in October 2022 via his Twitter account. It was public, and his objectives were perfectly outlined: to leverage his initial capital to influence the price of an illiquid token, such as CRV or Ravencoin (RVN), in hopes of creating “bad debt,” an excess liability assumed by the protocol. 

Check out recent activity in the @CurveFinance $CRV pools on @AaveAave V2!
Over the past couple of days, the $CRV pools on Aave have seen a significant increase in both borrow rate and volume, likely to go short on $CRV.  pic.twitter.com/Hx5Bt42Ks6
— Messari (@MessariCrypto) November 22, 2022 
To pay off this debt, Aave would trigger an auction mechanism that involves selling AAVE on the spot market. By taking a short position on this token, Eisenberg would benefit. 

I’ve been advised aave is perfectly safe so here’s the potential trading strategy. Not financial or legal advice, but if you do make 9 figures on this feel free to send a tip
Note that starting with more initial capital increases success odds and profit percentage pic.twitter.com/HKAF7Y5ogM
— Avraham Eisenberg (@avi_eisen) October 19, 2022 
By prompting the price of the underlying collateral, the Aave borrower can double or increase its price by five-fold “at least.” This attack was unsuccessful, as Kadoch noted, due to a lack of capital. The actor was trying to liquidate a CRV whale to create a bad debt. 
However, as the attack was being carried out, the team behind Curve Finance released the whitepaper for a stablecoin, crvUSD. This announcement supported the price of the token and shifted the trend. Kadoch noted: 
– $sdCRV, $cvxCRV, $yCRV depegged a lot with more than a 10% discount to get back $CRV.
– People are paying more than 200% to borrow $CRV.
– People telling Aave is not secure while the system was ready for such an event.
The Future Of Aave In Jeopardy?
On the other hand, the protocol operated as intended without centralized intervention. The team behind Aave claims that they will talk with the community and the DAO about the recent incident. 
In that sense, the protocol might introduce changes in the coming days to mitigate “long tail asset risk.” Many believe Eisenberg will resume its attack on the protocol once he can pool together more capital. 

You can call it attack on AAVE, but I actually think they made a mistake by not implementing a hard cap on how much CRV/other illiquid coins can you use as a collateral on AAVE. Otherwise you get a similar problem as with FTT.
— DeFiac (@TheDEFIac) November 23, 2022 
The “Bad Debt” attack on Aave was like the situation that led to the FTX’s collapse. The failed company issued held massive amounts of FTT, its native token. When the price of the asset crashed, Sam Bankman-Fried’s empire followed. 

Unlike FTX, as many users pointed out, everyone can access on-chain information about Eisenberg’s transactions, the state of the protocol’s finance, and the amount of bad debt it held on its balance sheet. This transparency is the critical difference between centralized ecosystems and decentralized protocols. The team behind Aave stated:
Most importantly, today’s events are in contrast to those we have seen with centralized entities in the space – the transactions were entirely traceable and auditable on-chain, providing transparency for users and the community.


The Ethereum-based decentralized finance (DeFi) protocol Aave suffered an attack led by Avraham Eisenberg. The controversial individual was behind a sophisticated run against Mango Markets. The run has been called an attack by some and a clever strategy by others.  Related Reading: Ethereum Class...

Aave Price Recovers Back To $57, But Threat Of New Attack Looms Over Protocol


The Aave (AAVE) price prediction is bullish due to a reclaim of a long-term horizontal support area and a short-term breakout. The Compound (COMP) price is trading inside a descending parallel channel and is approaching a crucial horizontal support area.



AAVE Price Prediction: Has Long-Term Correction Ended?



AAVE is one of the most well-known decentralized finance (DeFi) platforms. It allows users to lend and borrow. The AAVE price has decreased inside a long-term descending parallel channel since reaching an all-time high price of $527.80 in May 2021. The decrease led to a minimum price of $45.60 in June 2022. 



Initially, this decrease seemed to cause a breakdown below the $72 horizontal support area (red circle). The area had previously provided support since early 2021 (green icons). However, the AAVE price regained its footing shortly afterward and reclaimed the area. It validated it as support in Oct. 



Therefore, as long as the price is trading above this area, an eventual breakout seems to be the most likely scenario. A weekly close below it would invalidate the bullish hypothesis and suggest that new lows are expected. 



Technical analysis indicators are neutral. This is visible in the weekly RSI, which is increasing, but is still below 50.



AAVE/USDT Chart By TradingView


Short-term Catalyst for Upward Movement



The outlook from the daily time frame is mostly bullish. The AAVE price broke out from a descending resistance line on Oct. 16. It reached a high of $98.4 on Nov. 5. However, the $95 resistance area (red icon) has been rejected and has been decreasing since.



Currently, the price is trading between the 0.5-0.618 Fib retracement support levels at $77.80-$88.10 This is a likely area for a bottom. Furthermore, the daily RSI is still above 50. 



If the upward movement continues, the AAVE price could increase to $135.30, giving both part of the increase a 1:1 ratio.



A decrease below the wave B low of $64.7 (red line) would invalidate the bullish AAVE price prediction and indicate that a lower future price is expected.



AAVE/USDT Chart By TradingView


Compound Price Reaches Ideal Bounce Zone



The COMP price has decreased inside a descending parallel channel since Sept. 22. The downward movement has led to a low of $45.31 on Nov. 8. 



Despite the decrease, there are three reasons why a breakout is expected. 



Firstly, the price has bounced at the $45.50 horizontal support area. 



Secondly, the daily RSI has generated bullish divergence (green line).



Thirdly, the descending parallel channel is considered a bullish pattern.



If a breakout from the channel occurs, the closest resistance area would be at $59. On the other hand, a daily close below the $45.50 support area would invalidate the bullish forecast and lead to lower prices.



COMP/USDT Chart By TradingView


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The post COMP and AAVE Price Prediction: DeFi Tokens Stand Their Ground Despite Market Correction appeared first on BeInCrypto.


The Aave (AAVE) price prediction is bullish due to a reclaim of a long-term horizontal support area and a short-term breakout. The Compound (COMP) price is trading inside a descending parallel channel and is approaching a crucial horizontal support area.
The post COMP and AAVE Price Prediction: D...

beincrypto.com

COMP and AAVE Price Prediction: DeFi Tokens Stand Their Ground Despite Market Correction

Legacy financial institutions are embracing crypto and decentralized finance (DeFi), and the Ethereum-based protocol Aave is proof. Today, the team behind the protocol announced that banking giant JP Morgan Chase completed its first DeFi transaction. 

5/5 @jpmorgan transacting on a public blockchain using Aave smart contracts is a huge milestone for DeFi, and represents a massive step towards bringing traditional financial assets into DeFi, to fully realize the opportunities afforded by smart contract based dApps.
— Aave (@AaveAave) November 2, 2022 
This represents a major milestone for the sector that continues to see high demand and adoption despite the downside trend in the crypto market. Two years ago, the total value for the DeFi sector, as measured by the total value locked (TVL), was less than $5 billion.

In a short period, this metric will increase by over 20-fold, reaching an all-time high of around $170 billion by 2021, according to data from DeFi Llama. Today’s milestone marks a new era for the nascent sector and digital assets.
DeFi sector TVL at its high. Source: DeFi Llama
Aave Supports Major JP Morgan Transaction
According to the official announcement, JP Morgan leveraged a “modified” version of the Aave protocol. Due to its higher scalability, the project used Ethereum’s second-layer solution, Polygon. The team behind the protocol said:
The Aave protocol was utilized by involving the supply and borrowing of tokenized foreign exchange transactions, using SGD tokenized deposits (1st issuance of tokenized deposits by a bank!) issued by J.P. Morgan and JPY tokenized assets issued by SBI Digital Asset Holdings.
The transactions are part of the Monetary Authority of Singapore (MAS) led “Project Guardian.” The initiative explores ways to bridge legacy financial institutions with decentralized finances “across a broader range of use cases.”

WORLD! J.P. Morgan has executed its 1st *LIVE* trade on public blockchain using DeFi, Tokenized Deposits & Verifiable Credentials, part of @MAS_sg Project Guardian https://t.co/XI212SG4zg Many world 1sts here, & since this is public  here’s a transparenton what we did:
— Ty Lobban (@TyLobban) November 2, 2022 
In addition to JP Morgan, other major banking institutions are participating in the initiative, including DBS Bank, SBI Digital Asset Holding, and the Oliver Wyman Forum. These transactions are the first in a series of pilot tests to explore the potential for DeFi and digital assets to improve the interoperability and efficiency of legacy financial markets.
AAVE’s price is suffering losses on the daily chart. Source: AAVEUSDT Tradingview

Project Guardian was announced in May 2022, its objective is to “identify” the key areas where traditional financial institutions and DeFi protocols can collaborate. So far, the initiative has identified pilot programs to “unlock economic value,” the study of regulatory and risk management, developing technology standards, and others as areas of interest. Chief FinTech Officer at MAS, Sopnendu Mohanty, said:
The live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralised finance have the potential to transform capital markets. This is a big step towards enabling more efficient and integrated global financial networks. Project Guardian has deepened MAS’ understanding of the digital asset ecosystem (…).


Legacy financial institutions are embracing crypto and decentralized finance (DeFi), and the Ethereum-based protocol Aave is proof. Today, the team behind the protocol announced that banking giant JP Morgan Chase completed its first DeFi transaction. 5/5 @jpmorgan transacting on a public blockcha...

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