What is Aave and how to staking it ?

 

Hello guys, Today we'll be reviewing an interesting crypto token called Aave (AAVE).

 Aave (AAVE) is a popular decentralized finance protocol that allows users to lend or borrow cryptocurrency assets. The protocol has become popular for its new features such as Flash loans, and the ability to offer fixed and varied rates of interest. Bob is a flexible product and has taken the DP world by storm. The AAVE token generates a passive income by accruing interest and also allows users to get access to loans at reduced rates and less fees. So without delaying any further, let's get straight into it.

So what is Aave token:

Aave (AAVE): which means ghost and finish was originally known as eth Lin when it launched in November 2017, but the rebranding to have happened in September 2018. The Aave token is used inside the AVI ecosystem that allows users to lend or borrow loans at easy repayment terms of is one of the most popular decentralized finance projects currently and has outshine others similar protocols in terms of total value locked. Aave works on the Etherion network, where lenders can stake tokens in liquidity pools to earn a share of the fees. Borrowers withdrawal liquidity and take loans off currently offers deposits in 31 cryptocurrencies and more are being added. The odd network is known for introducing the innovative flash loan concept where users can take quick loans without the need for a collateral amount. The interest is provided in the form of tokens that can be freely traded or can be cashed easily.

how to staking Aave

The AAVE token is used for staking purposes to secure the protocol and is also used for voting purposes. Hence, the AAVE token serves twin purposes governance and staking, there is no minimum or maximum amount limit for deposits on the off network. Users have preferred AAVE because of its attractive feature of offering both fixed and variable interest rates. Users can opt for either option depending on their preference also allows switching between the two rates at any time even after the loan has been issued. Talking about the tokenomics the initial total supply of AAVE was 1 billion tokens, and 23% was given to the team. The project functions as a fully decentralized ecosystem. A token swap was later carried out reducing supply to 16 million off the distribution mechanism is explained as one reserved for Lent token holders swap is 13,000,002 of ecosystem reserve is 3 million, the all time high price of one of was $661.69 on May 18 2021. It is currently trading at $277.20. The all time low price was $26.02. On November 5 2020. Comparing the all time low and all time high price we get returns of about 578%, which are very impressive returns. the Aave token is slowly establishing its position as a leading cryptocurrency.

Now moving towards the supporting exchanges for the Aave tokkens. The Aave tokken can be bought on almost all popular exchanges such as oke X bindings to give an X coin base Naaman x was x gate.io FTX. Gob global coo coin vism Kraken crypto.com bit babo and many more, you can buy on either through cash via peer to peer credit or debit cards or through other cryptocurrencies. So we will be using bindings exchange to show you how to buy or trade the token. First, go to the bindings.com official website of bindings and login to your account. If you do not have an account, create an account first and complete the procedure for the KYC. After successfully registering the account, you can buy the off crypto from a couple of options here. Go to the buy crypto option here and select Credit or debit card option here if you want to purchase with your card. First, you will need to purchase USD T crypto here which is a crypto version of United States Dollars. Enter the amount of United States dollars you want to spend from your card and below here search for the USD T crypto in order to convert them to OB later. Click on Continue button here to enter your card details and complete the transaction. After successfully purchasing the USD t you can go to the trade option and select Convert here. As you can see, USD T is selected default so search for the off crypto here and select it. Now enter the amount of USD t you want to spend to buy off. You will see the amount of OB you will receive when you click on the Preview Conversion button here. Just complete the trade here and your Aave tokens will be sent to the bindings wallet here. We have another option here to trade in advanced mode here in the trade options, simply click on Advanced option and you will be brought up to this place. Here you can search for the off crypto corresponding to the coin from which you want to buy. In this right section here you can see the order book live price trades and order placing menu.