- Aave Corporations confirmed the acquisition of Sonar, a Web3 social gaming software
- AAVE’s worth continued to say no and remained considerably unprofitable
Aave Corporations, the builders of DeFi protocol Aave and decentralized social community Lens Protocol, announced the acquisition of web3 social gaming software Sonar on 5 December.
Following the acquisition, Sonar can be built-in with Lens Protocol. Consequently, Sonar customers and its Moji NFT holders will have the ability to mint their Lens account profiles at declare.lens.xyz for the subsequent two weeks.
Learn Aave’s [AAVE] Value Prediction 2023-2024
Sonar’s co-founders, Ben South Lee and Randolph Lee, the corporate’s Head of Development Armand Saramout, and engineer Paul Xu will be part of Lens’ growth group following the acquisition. They intention to,
“Give attention to constructing cellular consumer-facing social functions powered by Lens in addition to different web3 client functions launching in 2023.”
AAVE on the chain
Based on information from CoinMarketCap, AAVE traded at $63.97 at press time. Because of the influence of FTX’s sudden collapse, the token’s worth declined by 30% in November.
Moreover, day by day energetic addresses and new demand for AAVE dropped drastically. As per information from Santiment, final month witnessed the depend of distinctive addresses that traded fall by 83%. Likewise, the depend of latest addresses that joined the community day by day declined by 63%.
Nevertheless, inside that very same interval, AAVE recorded a drought of whale transactions. Knowledge from Santiment revealed that within the final 30 days, solely 9 whale transactions exceeded $100,000.
Furthermore, whale transactions of over $1 million have been nearly non-existent inside the interval beneath evaluation – just one transaction was accomplished within the final 30 days.
Moreover, holding AAVE has been considerably unprofitable for its traders within the final month. In actual fact, this has been the scenario for the reason that starting of the yr. As of this writing, AAVE’s Market Worth to Realized Worth (MVRV) posted a unfavourable worth of -77.57%. This confirmed that sell-offs at their present worth would solely return losses on such an funding.
With a continuous decline in worth, traders’ sentiment remained unfavourable at press time.