Summary
- Aave has recently acquired 70,000 of its own tokens over the past six months, securing 0.5% of the total supply.
- A total of $15.7 million worth of tokens were bought, with a goal of a $1 million buyback per week.
- Aave stated that the purpose of this project is to reduce token circulation and increase market confidence.
The decentralized finance (DeFi) platform Aave (AAVE) has reached a significant milestone in its token buyback project.
According to cryptocurrency-focused media outlet Coindoo on the 4th (local time), Aave has accumulated 70,000 of its own tokens over the past six months, securing 0.5% of the total supply. The amount spent on token accumulation is estimated to be around $15.7 million.
Aave's token buyback project targets the purchase of $1 million worth of tokens per week. An Aave representative stated that "the objective is to reduce token circulation and enhance market confidence."
Meanwhile, as of 8:17 a.m. today, Aave is trading at $268.32 on CoinMarketCap, up 3.04% from the previous day.
Uk Jin
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