Is Aave Pulling A Masterstroke With This GHO And Chainlink CCIP Integration?

Aave is integrating GHO with Chainlink CCIP, which is a huge development for lending development and its native token, but what about Aave Price?

Aave is undoubtedly one of the largest DeFi protocols out there. It is constantly growing, and following Maker and DAI, the lending platform launched its algorithmic stablecoin, $GHO.

Though GHO has not found the traction it deserves, it is still being utilized, and holders receive a yield.

As positive as this may be, especially for AAVE—the governance token—the lending platform has other grand plans.

It is vital to look at their plans for expanding while not giving up on interoperability.

Aave Integrates GHO With Chainlink CCIP

Yesterday, Aave said it will integrate GHO with Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

The news came as a surprise and promised to tag several goodies.

Specifically, this incorporation will allow users to move GHO across CCIP-supported platforms seamlessly.

Accordingly, this is expected to make GHO attractive, driving adoption in the process.

The integration will be straightforward, considering how the Chainlink CCIP is designed.

 

As a decentralized solution meant to improve interoperability between chains, GHO fits in snugly.

At the core of this Chainlink solution is a secure Oracle network baked in with adjustable risk management and distributed clients.

The global nature of CCIP translates to more efficiency and convenience, especially for GHO holders—a net positive for AAVE in the long term.

GHO More Popular Than LINK On CCIP

Since launching, CCIP has found attraction, especially from Q2 2024.

The protocol has processed the transfer of over $275 million worth of assets, looking at Dune data .

( Source )

Interestingly, since late August 2024, more and more GHO have been transferred via the CCIP.

Although USDC makes up a decent share of transfers, there are far more active GHO users on the interoperable platform than, for example, the native LINK token.

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AAVE Price Lift Off Incoming?

Since GHO is core to Aave, rising adoption will only cement the lending protocol’s lead.

According to DeFiLlama , Aave manages over $13.4 billion worth of assets.

( Source )

Many of these assets are on Ethereum’s main net ($11.4 billion). The rest are distributed across the 11 chains, including the BNB Chain, Harmony, and Fantom, all of which are interoperable with Ethereum.

Looking at the total value locked (TVL), Aave is the largest DeFi protocol, only trailing the liquidity staking platform, Lido Finance.

As of October 22, AAVE Price Trading volume in 24h Last 7d price movement is changing hands at over $150, adding nearly 110% from July lows.

( AAVEUSDT )

Analysts expect AAVE prices to expand, surpassing $180 as traders target fresh 2024 highs, especially after a strong long-time frame emergence of a double-bottomed support pattern in October. 

This suggests strong footing for explosive upside moves over the coming months despite falling volumes underpinning AAVE price action.

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