Aave Slashes Support for Low-Usage Assets, Targets $100
Aave, a leading decentralized lending protocol, has announced significant changes to its operations. As part of a comprehensive review, Aave plans to end support for 50 low-usage asset reserves. This move is expected to cover $98.1 million in assets and $15.6 million in outstanding loans. The protocol will also phase out deployments on Sonic, Scroll, zkSync, and Aptos.
The changes are aimed at improving the overall efficiency of Aave's operations. According to a statement from Stani Kulechov, Aave founder, the decision was made after reviewing the markets supported by the protocol.
Aave's price has recovered somewhat following the announcement, trading near $97.47. However, bulls must still clear resistance at $97.63 before targeting $98.50 and the key $100 mark.