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A liquidity movement by Ethereum (ETH) co-founder Vitalik Buterin triggered a price rally of AAVE, the native token of the DeFi he used to wrap his Ethers.
Vitalik Buterin moves 1,900 ETH to Aave Finance, AAVE jumps by 13%
Today, Aug. 31, 2024, Ethereum's (ETH) creator Vitalik Buterin moved 1,900 Ethers or $4,798 million in equivalent to Ethereum's version of Aave v3, one of the oldest and most credible DeFi protocols. Then, he obtained 1,900 Aave Wrapped Ethers, on-chain data says.
Vitalik using Aave is quite cool, as it offers significant utility for liquidity management, leveraging permissionless and resilient infrastructure.
— Stani (@StaniKulechov) August 31, 2024
Hopefully, Aave can also become a valuable tool for the Ethereum Foundation.
The aspiration is for Aave to become the backbone of… pic.twitter.com/K6gNWqtD1N
AAVE, the core native cryptocurrency of the Aave Finance protocol, reacted to this move by Ethereum's founder. It less than 20 hours, its price jumped from $118 to $133, touching a weekly high.
In terms of 24-hour dynamics, AAVE is the best performer in the top 100 cryptocurrencies by market capitalization. Only challenged by the AI-centric token FET, AAVE managed to return to the ranking of the 50 largest cryptocurrencies.
It should also be noted that last week, Vitalik Buterin hailed the role of Aave Finance (AAVE) in the global DeFi ecosystem, admitting that it might not be suitable for "normies" seeking loans:
Aave is good and I'm very grateful that it exists, but it doesn't offer you what almost any normie will have in mind if you tell them you are offering "loans"
By press time, the AAVE price found an equilibrium at $130; the market capitalization of the token is sitting at $1.95 billion in equivalent.
Aave can be useful for Ethereum Foundation, founder Kulechov says
Stani Kulechov, the creator and CEO of Aave, welcomed Buterin on the protocol, but supposed that the DeFi might be also of use for Ethereum Foundation itself.
Vitalik using Aave is quite cool, as it offers significant utility for liquidity management, leveraging permissionless and resilient infrastructure.
— Stani (@StaniKulechov) August 31, 2024
Hopefully, Aave can also become a valuable tool for the Ethereum Foundation.
The aspiration is for Aave to become the backbone of… pic.twitter.com/K6gNWqtD1N
Kulechov also added that it is not the first time the Ethereum (ETH) creator uses Aave Finance (AAVE) for operations with liquidity.
As covered by U.Today previously, Vitalik Buterin is one of the largest ETH holders with over $600 million stored in Ether via publicly disclosed wallets.