Aave Price Surges 4.6% Amid Market Rally and Fundamentals-Driven Strength

Aave's price surged 4.6% over the past 42 hours due to a combination of market strength and fundamental drivers.

The entire crypto market has been experiencing a short-term risk-on move, with the total crypto market cap increasing by about 6.3% and altcoins rising by about 4.3% over the week.

Tether Gold (XAUT) deposits on Aave nearly doubled, rising from $40 million in early June to $76.7 million, a 91.7% increase, making Aave the largest DeFi venue for tokenized physical gold.

Aave DAO's buyback initiative had already repurchased more than 205,000 AAVE in its first 10 months, with plans to automate the process and allocate 100% of protocol revenue to buying back AAVE tokens.