The Gemini exchange has added support for AAVE (formerly LEND, migration has recently begun), the token of the homonymous protocol among the most used in decentralized finance.
At the moment Gemini has opened only the custody and deposit service. Trading will follow shortly.
A statement from Gemini exchange says:
“We’re excited to continue to support the #DeFi space in a trusted and regulated way“.
And it is clear that Gemini and its founders are enthusiastic about decentralized finance.
Tyler Winklevoss is even more explicit:
“The future is DeFi”
The Future is #DeFi. You can now deposit and custody $AAVE @AaveAave on @Gemini. Trading to follow soon. #DeFipalooza continues…
— Tyler Winklevoss (@tylerwinklevoss) October 6, 2020
The CEO of Aave, Stani Kulechov, stated:
“Gemini is the first major exchange listing AAVE and allowing custody. Tyler Winklevoss and Gemini team are taking the DeFi journey to a new level!“.
Aave on Gemini in a moment of transition
Following a vote of the community it was decided the “rebranding” of the token LEND that becomes AAVE and that will function as a governance token of the protocol. Users are called to convert their LEND into AAVE in order to take part in the governance and also to do staking.
100 LENDs will form 1 AAVE token. The total supply will be 16 million. Of this, 13 million will go to LEND holders, while the rest will enter the Aave reserve ecosystem.
Exchanges that already supported LEND are now adapting to support AAVE as well. This is the case for example of Binance.
LEND in breathlessness
However, the token is not having a good time. Its price according to Coinmarketcap data is in free fall: today it lost 17.13% and in seven days the loss is close to 20%.
Currently the price is $0.42. The value has practically halved from the historical high of a few weeks ago. On August 26th, in fact, LEND touched the value of $0.89 dollars after a vertical rise from $0.01 dollars in March 2020. These were the days of the financial markets and cryptocurrency crashes, followed by the exponential growth of the DeFi sector.
The next few days will tell if the migration from LEND to AAVE can be accepted also by the market and investors.