What is Aave Protocol (AAVE)?
Aave Protocol is a decentralized finance (DeFi) lending platform built on the Ethereum blockchain. It enables users to lend and borrow a variety of cryptocurrencies without the need for intermediaries like banks. Aave was founded in 2017 as ETHLend but rebranded as Aave in 2018. The platform's native token is AAVE, which is used for staking, governance, and fees.
Aave Protocol stands out for its innovative features, including flash loans, credit delegation, and staking, which have attracted a significant number of users to the platform. Aave Protocol has quickly become one of the most popular DeFi platforms, with billions of dollars in total value locked (TVL) and a rapidly growing community of developers and users. Learn more
How to Deposit AAVE Into Your Coinmetro Account
For all information on how to deposit AAVE into your Coinmetro account, please see the following help center article: How to Deposit AAVE.
As Coinmetro uses smart contracts for Ethereum and ERC-20 token deposits, the amount of gas required is slightly higher than a typical transfer. To be sure that your transaction is successful, please set the transaction gas limit to 55,000. The fee difference is minimal. If your gas limit is too low, the transaction will simply be rejected by the Ethereum network. There is no risk of loss of assets caused by a too-low gas limit.
If you're depositing from another exchange, it is important to ensure they support sending funds to ETH contracts or using a full ETH wallet as an intermediary.
How to Withdraw AAVE From Your Coinmetro Account
For all information on how to withdraw AAVE from your Coinmetro account, please see the following help center article: How to Withdraw AAVE.
Important Note - To request a withdrawal, your account profile needs to be verified as well as having the funds to cover your withdrawal. The first time a withdrawal is made to a destination, the destination needs to be confirmed via e-mail. If you have 2-Factor Authentication enabled for withdrawals, you will be asked to input the code for each withdrawal, approved or not. We suggest enabling 2-Factor Authentication to protect your account.
Withdrawals waiting for approval can be canceled and the withdrawal status can be found by selecting the Wallet on your Coinmetro Dashboard. Please note that already-approved withdrawals cannot be canceled. If there is no Cancel button visible, this unfortunately means the withdrawal can no longer be canceled, and you will find a transaction ID (TXID) instead. This is a link to the relevant transaction hash on a Blockchain Explorer website where the status can be checked further.