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U.S. equities retreated following a surprise rate hike from the Bank of Canada. Meanwhile, the broader cryptocurrency followed suit, with Bitcoin and Ethereum falling 2.76% and 2.42% in the past 24 hours, respectively. The hot token for today is AAVE, as Aave is poised to release its first stablecoin on the Ethereum mainnet.
AAVE is the largest DeFi lending protocol with a TVL of $5.38 billion as of the time of writing. Since launching GHO, Aave’s upcoming stablecoin, on the Goerli testnet in February, the community has been anticipating the official launch of GHO on the mainnet. The community proposed upcoming GHO products on a governance post, including V3 Ethereum Facilitator, a collateralized loan product, and FlashMinter Facilitator, a variant of flash loans that are issued without collateral. The official launch is widely expected to boost Aave’s market share as the self-owned liquidity benefits the protocol. At the same time, the move may affect DAI’s usage on Aave as MakerDAO has been cooperating with Aave closely.
In a similar move, MakerDAO released Spark Protocol in February to rival Aave and unleash the potential of its DAI token.
Check Out the Latest Prices, Charts, and Data of AAVE/USDT Here!
Fashion giant Louis Vuitton newly launched a limited edition NFT collection called Via, with each piece costing $41k. The collection is restricted to being sold in secondary markets. The collection will offer to select customers an opportunity to unlock virtual and physical products and experiences with details unknown at the moment. The official statement calls the collection a “soul-bound collectible” to encourage hodling from real brand lovers and prevent “pump and dump” from speculators.