Aave has frozen stablecoin trading on the V3 Avalanche deployment. AAVE is due for a price decline as selling pressure exceeds buying pressure. 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 […]
by the risk management firm Gauntlet Network, which analyzed various outcomes for USDC following the deppeging and suggested that all Aave V2 and V3 markets be temporarily paused.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.
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. Typically, an increase in an asset’s price coupled with a decline in trading volume within the same window period indicates a lack of conviction in the asset’s price growth.However, AAVE’s performance on a daily chart suggested that an improvement in investors’ conviction might take a while, with the alt significantly oversold at press time.
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