AAVE Price Surge Triggers $3.26 Million in Short Liquidations
AAVE's price surge has triggered a significant number of short liquidations, with over $3.26 million in forced closures of bearish positions over the past 24 hours. This accounts for approximately 85% of the total $3.82 million in liquidations across AAVE derivatives markets.
The sharp rise in AAVE's price has also led to increased derivatives activity, with futures trading volume reaching around $1.09 billion and open interest standing at about $535 million. AAVE's price has climbed to around $185-$186, up around 13% over the past 24 hours and over 26% over the past seven days.
The Aave lending protocol has been expanding across various networks, including Arc and Base, with the Equities Hub allowing tokenized Coinbase equities to be used as collateral for borrowing. Additionally, the token buyback program has been ongoing, with weekly purchases ranging from $250,000 to $1.75 million depending on market conditions.