The second-largest decentralized finance (DeFi) token, AAVE, rose 11.36 percent, or $22, to an intraday high of $522.74. This confirms a bullish reversal after falling 28 percent from an all-time high of around $547.

Many analysts agreed that AAVE is about to reclaim its previous all-time high or set a new one as the token, like the DeFi lending protocol, is gaining acceptance among new users. According to Dune Analytics statistics, AAVE, along with its competitors Compound and MakerDAO, processed $606.8 mlb in loan applications in the past seven days.

In addition, AAVE is licensed for electronic money in the UK, making it the only DeFi project to have been granted a regulated company status by the FCA.

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