On Monday, November 17th, AAVE opened the waitlist of its new “savings account”-like consumer yield app on Apple’s App Store. With the AAVE app, users can earn up to 5% + bounce APY (Annual Percentage Yield), leveraging Aave’s infrastructure lending protocol, with deposit methods available through bank accounts, debit card,s and stable coin wallets. Amid the announcement, the AAVE price continued to follow the broader market correction and plunged over 4% during the U.S. market hours.
- AAVE plans to launch a new “savings account”-like app to offer up to 5% + bounce APY to its users, initially available on Apple’s app store.
- To protect users’ funds, AAVE offers a protection program that extends up to $1 million in balances.
- Over the past three months, the AAVE price has been resonating with the formation of a falling wedge pattern.
AAVE Introduces App With High-Yield and $1M Protection Program
Aave, the decentralized lending protocol, plans to launch a new savings-like application aimed at providing higher returns than traditional bank accounts while eliminating many of the restrictions that customers normally encounter. According to the blog post, the service offers yields of up to 9% per year, based on factors such as identity verification, recurring transfers, or referrals. This is in stark contrast to the low interest rates that are common with standard accounts, where average interest is well below 1%, and even premium accounts rarely exceed mid-single-digit interest.
The company is positioning itself as a reaction to the rising cost of living and existing banking practices that limit withdrawals or slow access to personal funds. Users can check their balances at any point in time and see interest accumulate constantly instead of on monthly/annual accounts. A built-in calculator helps savers adjust the size of their deposits or the time horizon and see the projected growth updated instantly.
Aave also mentions the protection program that extends up to $1 million balances, a level that is designed to offer wider coverage than the traditional savings guarantees. The app is connected to thousands of banks and debit cards and also accepts deposits in major stablecoins.
A recurring transfer tool, called Auto Saver, can be enabled for those who want deposits scheduled automatically. The feature adds an extra boost of yield for ensuring consistent transfers. Withdrawals can be made at any time without advance notice or accompanying penalties, eliminating the conditions in high-yield bank products.
Also Read: Singapore Exchange (SGX) To Launch BTC and ETH Perpetual Futures on Nov 24
AAVE Price Close to Key Pivot Floor
Since last week, the Aave price has plunged from $232.25 to $164.91, accounting for a 29% loss. The sharp reversal when analyzing the daily charge shows a bear cycle within the formation of a long-coming falling wedge pattern.
The chart setup is characterized by two down-sloping converging trendlines, which remain the active resistance and support trendlines in AAVE’s short-term downtrend. If the bearish momentum persists, the price could plunge 6.5% and test the pattern’s bottom trendline at around $157.
Historically, the potential retest has acted as a pivot moment for this altcoin’s price trajectory.
If the buyers continue to defend this dynamic support, the coin price could drive another relief rally towards the patent’s overhead trendline. However, the near-term exponential moving averages of 20 and 50 could offer additional resistance to maintain sellers’ dominance.
Also Read: Cboe to Launch Long-term Bitcoin, Ether Futures on Dec 15
Source: https://www.cryptonewsz.com/aave-new-high-yield-savings-apples-app/
