AAVE's troubles predate the Curve hack; here's how
This decision was necessary due to the protocol’s exposure to Curve’s hack. As contained in the proposal,
An assessment of trading activity in the past 24 hours revealed that sentiment remained negative amid declining accumulation pressure. In fact, the decline in interest in governance tokens preceded Curve’s hack., AAVE’s network activity has dwindled since the end of June. The count of daily active addresses trading the altcoin has since dropped by 94%. For context, as of 11 August, only 514 addresses completed AAVE transactions. On 23 June, this was 11,280 addresses.
With a persistent drop in value and token accumulation, many AAVE holders have remained “out of money,” according to IntoTheBlock’s In/Out of the Money metric.This metric calculates the average price at which investors purchase tokens. It then contrasts it with the asset’s current market value. If this value is higher than the average cost for an address, the address is said to be “in the money,” that is, the account holds at a profit.
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