Aave has gained 11% since midnight UTC this Tuesday, September 29 while Stani Kulechov, its founder, considers a burn in Aavenomics 3.0. All this while the US 10-year rate stands at 5.234%. The crypto market does not seem to be impressed at all.
In brief
- Aave is up 11% since midnight UTC and 13% over 24 hours, the best DeFi rise.
- Stani Kulechov envisions a burn mechanism in Aavenomics 3.0.
- 72 stocks out of 100 crypto stocks are progressing, despite a 10-year American rate of 5.234%.
Crypto: Aave climbs 11% on the trail of a token burn
Aave stands out from the crowd. The token has gained 11% since midnight UTC and 13% over 24 hours, to $166.55 according to CoinDesk, and this is the largest increase of the 20 values on the CoinDesk 20. The trigger? Speculation around “ Aavenomics 3.0 » that Stani Kulechov, founder of the protocol, indicated that he was considering adding a burn mechanism in the next update. The crypto market has heard the word “burn” and buyers followed.
And the setting is not welcoming because the 10-year US yield is at 5.234%, close to levels not seen since 2007. The 30-year yield is at 5.549%, after a peak above 5.56% on Monday, around a 2004 high. Wall Street therefore fell for the second session in a row with the S&P 500 losing 0.8% and the Nasdaq 0.9%. And yet, DeFi is moving forward as the DeFi Select Index (DFX) has gained 5.0% since midnight. Curve (CRV) takes 5.2% and Uniswap (UNI) 4.0%.
On the other hand, bitcoin erases Monday’s losses and trades at $84,170, up 0.82% since midnight UTC and 1.4% over 24 hours. Bearish bets on the crypto queen are deflating. Open futures positions fall to 644,000 BTC from 650,000 yesterday, the lowest since March 4.
A burn envisaged, but not acted upon
Stani Kulechov is considering burns in Aavenomics 3.0 and Aave is already doing token buybacks. Today, these cryptos are sleeping in the protocol’s treasury. A burn is something else because we destroy them and they permanently leave the offer. Which means fewer tokens for the same request and this is precisely the reasoning that makes buyers smile.
The only downside is that it’s not much for a token that takes 11%. And nothing, in the archives consulted, on the calendar or on the number of tokens concerned. The word “Consider” said by Stani does not mean ” decided “. The crypto market did not wait to go in all directions.
What to remember from Aave which gains by 11%?
- Aave gains 11% since midnight UTC and 13% over 24 hours, driven by the idea of a crypto burn in Aavenomics 3.0.
- Stani Kulechov is considering this mechanism, but the publications consulted give neither timetable nor volume.
- DeFi leads the crypto market: the DFX gains 5.0% and 72 stocks out of 100 of the CoinDesk 100 advance, despite a US 10-year rate of 5.234%.
Aave found his fuel for the day with one word, “burn”and 11% increase. It remains to be seen whether the crypto protocol moves from an idea to a real encrypted plan. The answer will certainly come from the official announcement of Aavenomics 3.0, not from a simple post on X.
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