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Aave (AAVE) Defies Market Headwinds, Outperforms Bitcoin (BTC) in 2024

Mary-Kate Olsen

Sep 22, 2024 pm 09:07 PM

aave ATH DeFi crypto VC

Aave [AAVE] has been an outlier on the price charts, defying overall market headwinds that derailed most assets at the start of H2 2024.

Aave (AAVE) Defies Market Headwinds, Outperforms Bitcoin (BTC) in 2024

DeFi token AAVE has outperformed most major crypto assets in 2024, with YTD returns of 46%, outpacing even BTC's 42%.

This performance is largely due to AAVE's strong growth and solid fundamentals, making it a key beneficiary of the DeFi yield demand.

AAVE protocol had the highest outstanding loans at $7.35 billion, almost double the amount borrowed in early 2024.

Despite being overbought, AAVE surged by 60% in Q3 while other lending sector tokens like MKR and UNI declined.

A recent protocol fee switch proposal and reduced supply overhang may have also contributed to AAVE's outperformance.

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