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

Ethereum (ETH) co-founder Vitalik Buterin's latest on-chain activity has sparked a price rally for AAVE, the native token of the decentralized finance (DeFi) protocol he used to wrap his Ethers.

According to on-chain data, Buterin moved 1,900 ETH ($4,798 million) to Aave v3, obtaining 1,900 Aave Wrapped Ethers (aWETH). This liquidity movement, which occurred on August 31, 2024, has had a noticeable impact on the price of AAVE.

Following Buterin's on-chain activity, AAVE, the core native cryptocurrency of the Aave Finance protocol, has seen a surge in its market value. Specifically, the token's price quickly ascended from $118, reaching a high of $133 within less than 20 hours, marking a weekly high.

Among the top 100 cryptocurrencies by market capitalization, AAVE has demonstrated the strongest performance over the past 24 hours. Only the AI-centric token FET has rivaled AAVE's gains, with the DeFi protocol token managing to re-enter the ranking of the 50 largest cryptocurrencies.

notably, last week, Vitalik Buterin praised the role of Aave Finance (AAVE) in the global DeFi ecosystem, admitting that it might not be ideal 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.'”

At the time of this report, the price of AAVE has settled around $130, with the token's market capitalization sitting at $1.95 billion in equivalent.

Aave could be useful for Ethereum Foundation: founder Kulechov

Stani Kulechov, the founder and CEO of Aave, acknowledged Buterin's use of the protocol and suggested that it could also be beneficial to the Ethereum Foundation.

“Vitalik using Aave is quite cool, as it offers significant utility for liquidity management, leveraging permissionless and resilient infrastructure. Hopefully, Aave can also become a valuable tool for the Ethereum Foundation. The aspiration is for Aave to become the backbone of…,” Kulechov tweeted.

Kulechov added that this is not the first time the Ethereum (ETH) creator has used Aave Finance (AAVE) for liquidity operations.

As previously reported by U.Today, Vitalik Buterin is among the largest ETH holders, boasting over $600 million in Ether stashed across his publicly known wallets.

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