Today, one of the leading U.S.-based exchanges, Gemini, has announced a new addition to its DeFi spot trading suite. The new token of Aave Protocol (AAVE), a flagship decentralized financial ecosystem, can now be deposited to Gemini and stored in its custody.
Gemini exchange pioneers AAVE trading
Stani Kulechov, inventor and CEO of Aave Protocol (AAVE), has revealed in his recent tweet that the second iteration of Aave token, AAVE, is listed by the Gemini platform:
@Gemini is the first major exchange listing $AAVE @AaveAave and allowing custody. 👏🏽 @tylerwinklevoss and Gemini team are taking the DeFi journey to a new level! 👻🥰 https://t.co/JSeVNuWhps— stani.eth 👻 ETHOnline Citizen (@StaniKulechov) October 7, 2020
According to Mr. Kulechov, the exchange of the Winklewii twins will be the first major regulated platform to list AAVE. This token recently replaced LEND as a main native asset of the Aave Protocol.
Migration from LEND to AAVE commenced on Oct. 2. The new token is issued at a rate of 100 LEND per 1 AAVE with a maximum supply of 16,000,000 AAVE. A total of 13,000,000 AAVE have been allocated to LEND holders while the rest of its supply is preserved for the Aave Ecosystem Reserve.
It should be noted that LEND was the undisputed champion of the first phase of the DeFi run. This token demonstrated two triple-digit monthly gains in a row while its yearly upsurge surpassed 5,000 percent.
Gemini challenges Binance supremacy as the most DeFi-friendly exchange giant
While deposits and custody for AAVE are already live, trading opportunities will be available soon, Gemini founder Tyler Winklewoss claimed.
With the AAVE listing, DeFi enthusiasts and the trading community have one more piece of evidence that Gemini is super serious about this burgeoning segment. Two weeks ago, on Sept. 25, it caused a mighty furor with "the most massive DeFi listing campaign ever."
As CryptoComes reported, it added Balancer (BAL), Curve (CRV), Maker (MKR), Synthetix (SNX), UMA (UMA), Uniswap (UNI) and Yearn.Finance (YFI) in a single day. Prior to this release, world-leading exchange Binance (BNB) was the first to list Yearn.Finance (YFI), DFI (YFII) and the notorious token of SushiSwap (SUSHI).
Binance CEO Changpeng Zhao admitted that the "majority of DeFi assets will fall," while his exchange aggregated 40 percent of YFII and 25 percent of SUSHI trading volume in mid-September.