- Aave (AAVE) jumped nearly 19% in 24 hours following reports of potential Kraken strategic investment and founder Stani Kulechov’s statements on protocol economics.
- Solana (SOL) climbed almost 10% as tokenized stock trading volume on the network hit $2.5 billion weekly, driving gains in ecosystem tokens like Jito and Raydium.
- Bitcoin stabilized around $60,000 after dipping below $59,000 earlier in the week, with broader market showing selective strength in DeFi and high-throughput chains.
Crypto markets showed signs of selective recovery on Friday as decentralized finance (DeFi) and Solana-linked tokens outperformed, even as Bitcoin held steady near key support levels following a volatile week.
Leading the charge was Aave, the largest DeFi lending protocol, whose native AAVE token surged nearly 19% over 24 hours. The move came after CoinDesk reported that Kraken’s parent company Payward is in talks to acquire a 15% stake in Aave Group at a $385 million valuation, involving an investment of roughly 35,000 ETH.
Aave founder Stani Kulechov pushed back on certain aspects of the reporting in an X post, clarifying that Aave Labs holds an allocation of AAVE tokens that multiple parties have discussed purchasing as part of deeper partnerships. He emphasized that “there is NO WAY we’d sell AAVE at a 70% discount,” and reiterated that all protocol revenue—currently running at an annualized $134 million—flows to the Aave DAO and benefits AAVE holders under the recently adopted “Aave Will Win” framework. Kulechov also teased “Aavenomics 3.0,” which will introduce an automated buyback mechanism.
The positive momentum in Aave coincided with a broader rebound in DeFi sentiment amid ongoing market pressures. The protocol had faced challenges earlier in the year following the KelpDAO exploit fallout, which triggered significant withdrawals despite Aave’s smart contracts remaining secure.
On Solana, activity around tokenized stocks accelerated sharply, with weekly volumes topping $2.5 billion—a tenfold increase from a month prior—capturing over 80% market share in tokenized equity trading across blockchains, according to RWA.xyz data. This surge lifted SOL nearly 10% and boosted related tokens: Jito (JTO) soared 30%, while Raydium (RAY) and others posted solid gains.
Bitcoin (BTC) rebounded from intraday lows near $58,000—its weakest level since September 2024—to trade around $60,000-$60,400, though broader sentiment remained cautious amid macro influences and derivatives positioning signaling potential further volatility.
The divergent performance highlights investor rotation toward sectors demonstrating real utility and on-chain activity, even as the wider market digests recent liquidations and external pressures. While risks persist—including regulatory uncertainties around bills like the Clarity Act and potential contagion in interconnected DeFi protocols—developments like potential institutional partnerships and tokenized asset growth could support further selective strength.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
