This Early AAVE Investor Converted $500k Portfolio to $13M In Over Three Years

As the bullish season continues, several investors are recording significant portfolio growth. Onchain data shows that an early AAVE investor converted a $500,000 portfolio into an impressive $13 million within three years and some months.

Aave is a decentralized lending protocol allowing users to lend and borrow cryptocurrencies. Originally built on the Ethereum network, the project has expanded to other blockchains like Avalanche, Harmony, Fantom, and others. Its native token, AAVE, is a governance currency for voting processes. Before rebranding to its current name in September 2018, the project was called ETHLend, and it had the native cryptocurrency, LEND. Both projects were founded by Finnish entrepreneur and programmer Stani Kulechov.

How It Happened

As outlined by the analytics platform Looksonchain, the investor used $500,000 worth of USDC to purchase 12.5 million units of LEND tokens on May 6, 2020. At the time, LEND traded at $0.04. 

During the project’s rebranding, 100 LEND tokens were migrated to 1 AAVE token. As a result, the investor’s wallet saw a migration of 12.5 million LEND tokens into 125,000 AAVE tokens in late September 2020. Shortly after the migration, AAVE traded above $50.

Since then, the investor has made some AAVE trades, bringing their total portfolio to 130,000 AAVE tokens. Based on the current AAVE price of around $100, the user’s holdings total $13 million. This represents a whopping $12.5 million increase (25x).

Notably, if the user sold their AAVE holdings when the asset saw its peak value of $661.6 attained on May 18, 2021, they would have gotten over $86 million.

Currently, the investor has sold 30,000 AAVE tokens (worth approximately $3 million) on the crypto trading platform Cumberland. That leaves 100,000 AAVE tokens remaining in the investor’s wallet.

AAVE Trades Above $100

Like most cryptocurrencies in the market, AAVE has shown moderate increases. According to the price tracking platform CoinStats, AAVE currently trades at $101, representing a 1.8% increase over the last 24 hours.

Still, the ERC-20 token is down 84.7% below its all-time high (ATH) of $661.6.

Source: CoinStats