{"id":296938,"date":"2023-03-13T04:00:37","date_gmt":"2023-03-12T22:30:37","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=296938"},"modified":"2023-03-12T14:31:59","modified_gmt":"2023-03-12T09:01:59","slug":"aave-discontinues-stablecoin-trading-on-its-v3-deployment-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/aave-discontinues-stablecoin-trading-on-its-v3-deployment-heres-why\/","title":{"rendered":"Aave discontinues stablecoin trading on its V3 deployment- Here&#8217;s why"},"content":{"rendered":"<ul>\n<li><em>Aave has frozen stablecoin trading on the V3 Avalanche deployment.<\/em><\/li>\n<li><em>AAVE is due for a price decline as selling pressure exceeds buying pressure.\u00a0<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In response to the recent price volatility on stablecoins, particularly after the USD Coin (USDC) depegged on 11 March, lending protocol Aave, has suspended trading of the USDC, USDT, DAI, FRAX, and MAI on its V3 deployment on the Avalanche network.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In light of the current volatility surrounding stablecoins, Aave DAO has frozen USDC, USDT, DAI, FRAX, and MAI on Aave v3 Avalanche. This measure prevents new positions from adding risk to the protocol. <a href=\"https:\/\/t.co\/ndH0qtIdFV\">https:\/\/t.co\/ndH0qtIdFV<\/a><\/p>\n<p>&mdash; Aave (@aave) <a href=\"https:\/\/twitter.com\/aave\/status\/1634596115483086848?ref_src=twsrc%5Etfw\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The trading halt was implemented following an <\/span><a href=\"https:\/\/governance.aave.com\/t\/arc-stablecoin-volatility-risk-parameter-recomendations\/12241\/3\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">evaluation<\/span><\/a><span style=\"font-weight: 400;\"> by the risk management firm Gauntlet Network, which analyzed various outcomes for USDC following the deppeging and suggested that all\u00a0 Aave V2 and V3 markets be temporarily paused.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 AAVEs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">According to Gauntlet, when the price of USDC, one of the stablecoins used on Aave, depegged from the U.S. dollar on 11 March, it created a divergence in the price of stablecoins. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means that they no longer moved together in price as they were expected to do. As a result, the risk of insolvencies increased on Aave, which could lead to losses for the platform and its users.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, Gauntlet noted that at current prices of the stablecoins used on Aave, insolvencies were approximately 550,000. However, the risk management firm stated that this could change depending on price trajectory and further depegs. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a result, it recommended temporarily pausing all Aave V2 and V3 markets to prevent further losses to users.<\/span><\/p>\n<h3><b>Herein lies the consequences<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Following the suspension of stablecoin trading on Aave V3 on the Avalanche network, the chain has suffered a drop in the value of assets locked (TVL). Per data from <\/span><a href=\"https:\/\/defillama.com\/chain\/Avalanche\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">DefiLlama<\/span><\/a><span style=\"font-weight: 400;\">, Avalanche has suffered a 10% drop in TVL in the last 24 hours.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As for AAVE, Aave\u2019s native token, while its price rallied by 1% in the last 24 hours, it registered a 25% decline in trading volume within the same period. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typically, an increase in an asset\u2019s price coupled with a decline in trading volume within the same window period indicates a lack of conviction in the asset\u2019s price growth. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such divergence is often followed by a price reversal (decline) or consolidation till conviction improves.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, AAVE\u2019s performance on a daily chart suggested that an improvement in investors\u2019 conviction might take a while, with the alt significantly oversold at press time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AAVE\u2019s key momentum indicators, such as its Relative Strength Index (RSI) and the Money Flow Index (MFI), rested at 32.37 and 20.65, respectively.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/aave-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Aave\u2019s [AAVE] Price Prediction\u00a0<\/a>2023-2024<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Further, the Aroon Up Line (orange) at 7.14% showed that AAVE\u2019s most recent high was reached long ago. Conversely, the Aroon Down Line (blue) at 92.86% suggested that the price downtrend was strong, and the most recent low was reached relatively recently.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lastly, the dynamic line (green) of AAVE\u2019s Chaikin Money Flow (CMF) was below the centerline at -0.11. This meant that selling pressure exceeded buying pressure, and the price was due for a further decline.<\/span><\/p>\n<figure id=\"attachment_296955\" aria-describedby=\"caption-attachment-296955\" style=\"width: 2306px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AAVEUSDT_2023-03-12_09-05-21.png\"><img decoding=\"async\" class=\"wp-image-296955 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AAVEUSDT_2023-03-12_09-05-21.png\" alt=\"\" width=\"2306\" height=\"1186\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AAVEUSDT_2023-03-12_09-05-21.png 2306w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AAVEUSDT_2023-03-12_09-05-21-300x154.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AAVEUSDT_2023-03-12_09-05-21-1024x527.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AAVEUSDT_2023-03-12_09-05-21-768x395.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AAVEUSDT_2023-03-12_09-05-21-1536x790.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AAVEUSDT_2023-03-12_09-05-21-2048x1053.png 2048w\" sizes=\"(max-width: 2306px) 100vw, 2306px\" \/><\/a><figcaption id=\"caption-attachment-296955\" class=\"wp-caption-text\">Source: AAVE\/USDT on TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Aave has frozen stablecoin trading on the V3 Avalanche deployment. AAVE is due for a price decline as selling pressure exceeds buying pressure.\u00a0 In response to the recent price volatility on stablecoins, particularly after the USD Coin (USDC) depegged on 11 March, lending protocol Aave, has suspended trading of the USDC, USDT, DAI, FRAX, and<a href=\"https:\/\/ambcrypto.com\/aave-discontinues-stablecoin-trading-on-its-v3-deployment-heres-why\/\">Continue reading <span class=\"sr-only\">&#8220;Aave discontinues stablecoin trading on its V3 deployment- Here&#8217;s why&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":296957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,950,66,3,4,20],"tags":[],"class_list":["post-296938","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-defi","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Aave discontinues stablecoin trading on its V3 deployment- Here&#039;s why - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Aave has suspended trading of the USDC, USDT, DAI, FRAX, and MAI on its V3 deployment on the Avalanche network.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/aave-discontinues-stablecoin-trading-on-its-v3-deployment-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aave discontinues stablecoin trading on its V3 deployment- Here&#039;s why - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Aave has frozen stablecoin trading on the V3 Avalanche deployment. 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