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Aave developers to get $16.8M in retroactive funding

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Aave developers to get $16.8M in retroactive funding

Aave developers to get $16.8M in retroactive funding Oluwapelumi Adejumo · 5 hours ago · 2 min read

The developers submitted a proposal to the DAO on Aug. 10 requesting funds to cover payments for development work done over the past 12 months.

2 min read

Updated: September 8, 2022 at 3:01 pm

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Cover art/illustration via CryptoSlate

Aave (AAVE) V3 developer Aave Companies is set to receive retroactive funding of $16.28 million from the DeFi protocol’s decentralized autonomous organization (DAO).

Retroactive funding proposal

The developers submitted a proposal to the DAO on Aug. 10 requesting funds to cover payments for development work done over the past 12 months.

The proposal requested $15 million in retroactive funding for developers’ work over the past year and $1.28 million for third-party auditors like ABDK, OpenZeppelin, PeckShield, SigmaPrime, and Trail of Bits.

As of press time, over 669,000 votes have been cast in favor of the proposal without opposition. Voting will end on Sept 8 at 19:00 UTC.

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Once approved the payment will be made via Aave tokens and stablecoins. The proposal included a breakdown of the compensation model.

Meanwhile, support for the payment is coming despite the decline in Aave DAO assets. Nansen data shows that Aave DAO liquid assets dropped to $378 million from over $800 million in April.

What is retroactive funding?

Retroactive public goods funding became popular in 2021 after Ethereum (ETH) co-founder Vitalik Buterin and Layer-2 network Optimism published a piece on it.

The funding model incentivizes developers to work on projects knowing they will get paid based on the value of their work.

Lido DAO approves 10 million token sales

Lido (LDO) DAO approved the sales of 10 million Lido tokens to VC firm Dragonfly Capital to cover expenses incurred for over two years.

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According to Bloomberg News, the DeFi protocol made the decision to deal with the fallout of the recent market crash.

Jacob Blish, head of business development at Lido Finance, told the newswire the project did not quickly anticipate the effect of the market crash. He said:

“We really started understanding how serious this was going to get once we entered into mid, late May, as Terra and the CeFi protocols started getting worse with inflation running away, the war overseas, whatever else is going on.”

Aave

Shorting AAVE this week might not be a good decision because…

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Shorting AAVE this week might not be a good decision because…

As a result of the rally in the price of AAVE since the beginning of the trading week, there has been a surge in profit-taking levels for the crypto asset, data from Santiment revealed. 

At press time, exchanging hands at $78.90, the price of the ghost token has increased by 8% since the beginning of the week. This growth in price has led many AAVE holders to go about taking profit as the asset’s ratio of daily on-chain transaction volume in profit to loss has gone up since the week started.

At press time, this was 2.736, data from Santiment showed.

Source: Santiment

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Like many other cryptocurrency assets, AAVE shares a statistically significant positive correlation with Bitcoin [BTC]. As such, it is believed that its price might see some more growth if the price of the leading coin stabilizes above the psychological $20,000 price region.

But will that be enough?

The week so far has been marked by a rally in AAVE’s price. On the daily chart, buying pressure for the crypto asset increased in the past few days.

With increased liquidity pumped into the AAVE market since Monday (3 October), its Relative Strength Index went up to lie at the neutral 50 region as of this writing.

This also caused its Money Flow Index to attempt a cross-over above the center line, and as of 5 October, it touched 53. Although at press time, this rested on the 50 center line. 

Also, the dynamic line (green) of AAVE’s Chaikin Money Flow rose above the center line (red) to a high of 0.04 during the intraday trading session on 5 October. At press time, it was positioned at 0.02.

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While these key indicators rallied due to the growing buying pressure since the week started, the increased profit-taking that has accompanied the price rally has caused these indicators to grow flat.

This indicated that AAVE buyers have been unable to sustain the rally. As of this writing, the sellers were spotted gearing up to overrun the market. 

Source: TradingView

On the chain, the intensity of whale transactions is known to be a great determinant of where the price of an asset would go next.

As per data from Santiment, the average daily count of whale transactions above $100,000 since the beginning of the week stood at 9 transactions.

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As for whale transactions above $1,000,000, the highest daily count this week was two transactions recorded on 4 October.  With a very minimal whale transactions count on the AAVE network, there might not be enough to support a rally in its price just yet.

Source: Santiment

Finally, the long stretch of AAVE’s Mean Dollar Invested Age (MDIA) suggested stagnancy on the token’s network, which might make it for its price to climb.

While a rally in BTC’s price might cause AAVE to post some gains, continued stagnancy on its network would make any such rally short-lived.

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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Is AAVE set to maintain its lead in DeFi race of the future

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Is AAVE set to maintain its lead in DeFi race of the future

AAVE has so far maintained a healthy lead as the top DeFi borrowing and lending protocol by market cap. But does it still maintain its position now that more competition is flowing into the segment?

Well, AAVE currently holds the top spot as the largest decentralized lending and borrowing market by market cap.

It has the first mover advantage over its competition and this means it had more time to develop and execute.

Although this advantage was critical to its success, the competition continues to intensify as newer players enter the segment.

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AAVE’s competitive advantage may come from other areas especially now that DeFi is in its exponential growth phase.

There have been major challenges along the way despite the fast-paced growth.

DeFi attacks have been the biggest challenge for the DeFi space. According to a Messari report, smart contract hacks on DeFi bridges had the lion’s share of DeFi hacks.

Smart contract vulnerabilities on bridges have contributed more to the total amount stolen from DeFi than the rest non-bridged DeFi attacks combined. pic.twitter.com/b6dvjiMUo4

— Messari (@MessariCrypto) September 1, 2022

Remaining ahead of the curve

AAVE has already been working towards overcoming the aforementioned challenge.

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The DeFi lending protocol plan for overcoming those challenges is going through Config, a new tool for smart contract development. However, this tool will be available for all DeFi protocols as part of a plan to fortify the entire segment.

1/6 Today we’re excited to announce Config, an easy-to-use dev tool for any DeFi Protocol.

We first built Config as a clean, clear visualizer of the Aave Protocol risk parameters, and generalized it for any protocol with global parameters. pic.twitter.com/lOcikC5VvW

— Newt (🦎,🦎) (@wearenewt) August 31, 2022

AAVE needs to boost growth in order to stay ahead of the curve. Its growth metrics indicate that it slowed down in the last six weeks. This performance reflects the woes that befell the DeFi segment in May and June.

Source: Santiment

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Both the network growth and the number of active addresses metrics entered a decline phase after 18 July. In fact, AAVE is attempting to make its DeFi lending platform more interesting through the GHO stablecoin.

This part of its plan will provide comprehensive solutions that will also lower costs for users.

Although it is the oldest DeFi lending protocol, AAVE remains relevant and competitive. It has already proved popular among users and developers continue to innovate and address challenges that they face along the way.

This is a recipe that many DeFi users look for, and it will be interesting to see how the AAVE protocol will innovate in order to remain on top of its game.

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Biggest Movers: AAVE, ADA Remain Near 1-Week Highs On Friday

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Biggest Movers: AAVE, ADA Remain Near 1-Week Highs On Friday

Cardano rose to a one-week high earlier in today’s session, despite cryptocurrency markets mostly trading in the red. Aave was also higher on Friday, with the token remaining close to its highest point in the past week. As of writing, the global crypto market cap is 0.43% lower.

Cardano (ADA)

Cardano (ADA) was one of Friday’s notable gainers, as the token rallied to a one-week high to end the working week.

Following a bottom of $0.4596 during Thursday’s session, ADA/USD raced to a peak of $0.4816 earlier in the day.

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As a result of today’s move, the token collided with its key resistance level at the $0.4790 point.

ADA/USD – Daily Chart

However, following this collision, earlier bulls appeared to retreat, liquidating their positions at this point of uncertainty.

As of writing, ADA is now trading at $0.4765, which is below the previously mentioned price ceiling.

The drop in momentum began as the relative strength index (RSI), encountered a resistance level of its own at 44.

Until this hurdle is overcome, ADA will likely continue to trade at or below its current level.

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Aave (AAVE)

Like ADA, aave (AAVE) was briefly higher in today’s session, as it too remained close to a one-week high.

AAVE/USD rose to a high of $95.47 on Friday, which is near its highest level since August 19.

The move saw aave hit and marginally break out of its resistance level at $95.40, however as the session progressed, prices declined.

AAVE/USD – Daily Chart

As of writing, the token is now trading at $90.65, almost $5 lower than earlier highs. This comes as bears reentered the market.

Prices of AAVE began to drop following the RSI hitting its ceiling at 48.70, falling to a current level of 45.75.

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The 10-day (red) moving average also continues to trend downward, which could be a signal of further upcoming declines.

Register your email here to get weekly price analysis updates sent to your inbox:

Will aave move below $90 by the end of Friday’s session? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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