Aave AAVE/USD has emerged as the most traded cryptocurrency by the 1,000 biggest Ethereum ETH/USD wallets in the past 24 hours, as of press time late Tuesday.

What Happened: Aave was also ranked sixth among the ten most purchased tokens and stood second among the most used smart contracts by the Ethereum whales during the 24-hour period, according to data from cryptocurrency data platform WhaleStats.

See Also: How To Buy Aave (AAVE)

Why It Matters: Aave is a decentralized finance (DeFi) protocol that allows people to lend and borrow cryptocurrencies. The platform uses smart contracts to manage lending markets for a variety of different cryptocurrencies.

Aave’s flagship product include “flash loans” that allow users to borrow any available amount of assets without putting up any collateral, as long as the liquidity is returned to the protocol within the same block transaction.

Price Action: Aave is up 27.5% during the past 24 hours, trading at $220.32 at press time.

Meanwhile, Bitcoin is up 0.2% during the period to $47,219.17, according to data from Benzinga Pro.

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