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Aave Proposes to Convert 1,600 ETH into wstETH and rETH for Staking Rewards, AAVE Price Dips

Aave's treasury has proposed to convert 1,600 ETH into wstETH and rETH to earn staking rewards. These are liquid staking derivatives that allow users to earn rewards for locking crypto assets in a blockchain network while retaining the liquidity of the locked funds.

The proposal has received 252,152 votes in favor and the voting period ends on July 8. However, AAVE's price has formed a bearish technical pattern called the 'Descending Triangle' and faces a potential drop of 75% to $19 if the pattern pans out.

Ethereum Ethereum $3,505.44
+5.61%
AAVE
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