Buy Aave in Canada
Aave made simple
Everything you need to know about Aave and how to start investing in it.
-$2.15 (-2.17%) past 24 hours
- Market Cap
- Circulating Supply
- 24h low - high range
- $95.31 - $99.79
Aave is a decentralized lending protocol. It lets you borrow and lend cryptocurrencies without the need for an intermediary, like a loans company. While a regular loan might take weeks to process at a main street bank, and is subject to all sorts of prejudices and checks, crypto loans take minutes and don’t require any form of identification.
Aave is the most popular decentralized lending protocol as of October 2021, with $18 billion locked up in its protocols as of October 2021. (Aave battles for the title of ‘largest non-custodial crypto lender’ with Maker and Compound, who control $17 billion and $11 billion respectively, according to DeFi Pulse).
This process is so efficient that Aave popularised something called a “flash loan”, which is where you can take out huge cryptocurrency loans, so long as you can prove that you can pay back the loan within a single transaction. This technique is popular with hackers, who often take out flash loans to overload other decentralized finance protocols and steal crypto locked up within them.
Aave’s token, also known as Aave (and formerly LEND), is its governance token. This means that you can use it as a voting chip in Aave’s governance module to vote on upgrades to the protocol. However, AAVE is not just a governance token. You can trade it for speculative purposes and earn it by using the protocol. This process is called liquidity mining—think of it like earning loyalty points at the supermarket, but then imagine that you can sell those loyalty points.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Aave?
You can use Aave as a governance token, meaning that you can vote on how the Aave protocol is run. You can also stake Aave within the lending protocol’s safety module, which covers the protocol in case there’s an unexpected loss of funds, like after a hack or a bug. If you do so, your AAVE will turn into stAAVE.
You’ll also earn more AAVE for doing this. Since AAVE is an ERC-20 token—a token that runs on the Ethereum blockchain—you can stake it in any other Ethereum-based DeFi protocol that accepts it. Note that lots of these protocols are untested and often get hacked. And since the whole thing is anonymous, you might have a tough time getting your funds back.
Is Aave a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Aave or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Aave safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Aave prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Aave to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Aave
Want to take a deeper dive? Check out these articles about Aave and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
Here’s how to buy and sell cryptocurrencies on crypto exchanges and other trading platforms.
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Aave with just $1. It’s that simple.
Aave is a governance token that powers a cryptocurrency lending protocol by the same name. Aave also functions as an incentive for people to use the protocol, and as a way to mitigate losses incurred by the lending protocol in the event of a deficit. As of this writing, Aave’s the most popular DeFi lending protocol around, beating out rivals like Maker or Compound. The company’s CEO is Stani Kulechov, who works in London.
The total supply of AAVE is 16 million. As of late October 2021, 13 million is in circulation. The remaining 3 million is under the control of the Aave Reserve, and AAVE token holders can choose how it is spent. The token used to be called LEND, but changed to AAVE in October 2020; each AAVE is worth 100 LEND.
You can’t really spend AAVE in the same way that you might spend Canadian dollars—well, you can, but it’s not legal tender, nor is it really primed for payments. Instead, it’s designed to prevent losses in the lending protocol and serve as a voting chip for the community to decide on how to influence the future of the protocol.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Aave transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Aave’s current market cap is 1,579,551,089.
The current price for Aave in Canadian dollars is $96.67.
Buying Aave with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Aave 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Aave. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.