As cryptocurrencies bleed, MATIC and AAVE record surges to hit all-time highs

Despite the continued fall of some cryptocurrencies that started last week when Tesla rejected bitcoin as a mode of payment, Decentralized Finance (DeFi) protocols AAVE and Polygon (MATIC) have made their respective surges on the way to their respective best performances and new highs.

AAVE soared to an all-time high of more than $660 before experiencing price correction. At press time, it is changing hands at $549.85 and is up by 19.7% for the past seven days.

MATIC is not losing out, soaring by more than 31% to record a new all-time high price of $2.19. At the time of writing, its price dropped a bit to $2.07 but is still up by 91.8% for the past week.

According to CoinGecko, MATIC is now the 14th largest cryptocurrency with a market capitalization of more than $12.6 billion.

Driving force of the surge

The upsurge in prices of both AAVE and Polygon can be attributed to the growing level of adoption of functional decentralized finance platforms.

AAVE is an Ethereum blockchain lending protocol, while Polygon leverages a customized version of the Plasma framework built on proof-of-stake checkpoints that is run through Ethereum’s main chain.

While MATIC is ERC-20 tokens, the side chains of Polygon are enabled to support various DeFi protocols that run on the Ethereum blockchain network.

Transactions also surge

According to data published by Glassnode, the seven-day moving average volume for AAVE also reached an all-time high when it hit almost $25.1 million. Meanwhile, the transaction volume of MATIC for the last 24 hours made a bullish run to reach $4.45 billion.

Ethereum-linked blockchain infrastructures such as AAVE and MATIC are benefiting from the bullish Ethereum ecosystem.

Experts also believe the broader crypto space is looking to veer off the influence of Elon Musk and the cryptocurrencies he supports and are looking at Ethereum and the protocols that revolve around it.

 

Image courtesy of Cointelegraph News/YouTube

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