Cryptocurrency token AAVE grew by 114% and showed record activity

The main reason for the increase in activity is the release of the GHO stablecoin. According to the latest information, the AAVE network has agreed to issue a native GHO stablecoin based on the blockchain. Users will be able to earn interest by lending GHO against other crypto assets.

The protocol itself is going to charge interest on loans taken in GHO and return payments to Aave DAO. AAVE plans to peg GHO to the US dollar and a group of cryptocurrencies deposited on the platform. The DAO behind the stablecoin will determine its own interest rate.

According to the asset’s daily chart, AAVE is currently moving in a local uptrend, showing a price increase of more than 90% in the past 24 hours. The GHO issue was only part of the basis for the current growth, as it all started with the recovery of the cryptocurrency market.

At the moment, the AAVE token price is moving above the 50-day moving average.