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January 5, 2022

Aave Has Announced That It Is Developing a Mobile Wallet

In order to go mainstream, Aave is bringing DeFi closer to individuals in 2022. To the delight of its community, the project has announced the development of a mobile wallet.

With the announcement of the development of a mobile wallet, the protocol has taken 2022 by the scruff of the neck. Stani Kulechov, the project’s founder, made this announcement to the public.

In 2021, members of the community proposed creating a mobile app for Aave, which spurred interest in the ecosystem. The proposing team, 2001DeFi, intended that the new mobile app would make onboarding new users to the Aave protocol easier, resulting in an increase in Aave TVL.

Stani Kulechov, on the other hand, claims that the Aave mobile wallet is not the same as the previous idea. “Aave is developing something mind-blowing,” he added.

Based on the limited information available, it appears that the wallet will include multi-chain and NFC capabilities from the start. According to users, 2022 could be the year that Web 3.0 mobile apps become ubiquitous. “IOS and Android will be a little flexible on the guidance enabling this to aid with the existing rail on-ramp,” one user hoped. The protocol has a TVL of $12 billion and over 1.6 million ETH, according to DeFi Pulse.

The open-source protocol’s transaction volume has increased drastically in recent months as more investors flock to it. It attracts investors due to the variety of features it provides, including the chance to earn dividends on the platform.

Users can also borrow assets from Aave after providing the required collateral. Another element that has helped significantly to Aave’s success is the possibility to take out flash loans.

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The development of a mobile wallet for the protocol will be a significant advance. The AAVE coin has been trading at $252 since the announcement, after reaching a 48-hour high of $270.11.