AAVE Fee Switch Proposal Sparks Market Activity

AAVE founder Marc Zeller recently proposed a fee switch aimed at buying back Aave tokens from the secondary market.

This move follows a similar strategy seen with $UNI, which saw its price double over 11 days following a revenue share proposal, with an initial 50% surge within the first hour.

Aave’s initial reaction has been more modest, with a 10% increase in the first hour, reflecting the tougher current market conditions.

$AAVE Fee switch proposal by founder Marc Zeller for buyback of Aave tokens from secondary market. $UNI pumped over 100% over 11 days on a revenue share proposal, with the first hour impulse being 50% straight through 1.5 year range highs. Aave impulse so far is 10% in the… pic.twitter.com/KvTdFFWMwC

— Frosty (@Stayfrosty100) July 25, 2024

On-chain data from Lookonchain reveals significant movements involving a major whale. This entity withdrew 1.43 million $UNI (approximately $10.3 million) from Binance and deposited it into Aave. The whale then borrowed 5.5 million $USDC from Aave and sent it back to Binance, indicating a potential long position on $UNI.

A whale withdrew 1.43M $UNI($10.3M) from #Binance and deposited it to #Aave 20 minutes ago.

Then borrowed 5.5M $USDC from #Aave and deposited it to #Binance.

The whale may be long $UNI.https://t.co/Y1KTyPAX38 pic.twitter.com/h6HymHshuA

— Lookonchain (@lookonchain) July 25, 2024

The whale, identified by address 0x59a, has a notable history. Once ranked fourth in Blast staking, the whale opened a significant position of 1.43 million $UNI, valued at $10.3 million, with an average cost of around $7.18 per token.

This whale also accumulated 5.33 million $ENA tokens, worth approximately $5.84 million, at an average price of $1.09 earlier this year. Despite current market conditions resulting in a floating loss of $3.53 million on $ENA, the whale’s substantial resources enable them to endure these fluctuations.

曾经 Blast 质押排名第四的巨鲸 0x59a…0705D 一小时前首次建仓 143 万枚 $UNI ，价值 1030 万美金，成本价约 $7.18

该巨鲸还曾在今年四五月时以均价 $1.09 建仓了 533 万枚 $ENA （约 584 万美金），目前已浮亏 353 万美金