AAVE Cryptocurrency Rebounds 7% Tuesday: Here's Why
The AAVE cryptocurrency is up over 7% on Tuesday, after the Aave Chan Initiative proposed a new buyback program in a new phase of “ Aavenomics .” Aave Chan Initiative founder Marc Zeller posted an Aave Request for Comment (ARFC) proposal on Tuesday. The founder is seeking approval on the first phase of the “Aavenomics” update. The update would focus on AAVE tokenomics improvements, protocol excess revenue redistribution, secondary liquidity protocol management, and the deprecation of LEND. “After half a decade of hard work, with the ACI, we’re proud to present the updated Aavenomics proposal to the Aave DAO,” Zeller said on X. “We consider it the most important proposal in our history, feel free to have a read and provide feedback.” According to the new proposal, AAVE DAO plans to buy back $1 million AAVE weekly by introducing a buyback and distributing excess revenue. This is expected to enhance the protocol’s financial performance and ov...