Decentralized finance protocol Aave is seeing a significant spike in whale activity as the market looks to bounce from the recent dump that pushed most altcoins to key support areas earlier this week.

On July 31, Lookonchain shared details indicating whales had aggressively accumulated Aave (AAVE) over the past two days. According to the data, whales withdrew over 58,848 AAVE worth $6.47 million from exchanges during this period.

In one instance, the whale address 0x9af4 withdrew 11,185 AAVE worth $1.23 million from Binance. Meanwhile, another address moved 21,619 AAVE worth over $2.38 million from the exchange and deposited the tokens into Aave.

These withdrawals followed an earlier transfer of 26,044 AAVE by the whale address 0xd7c5, which amounted to over $2.83 million withdrawn from Binance.

AAVE’s price surged by more than 7% in the past 24 hours amid buy-side pressure from these whales. Currently, the DeFi token trades around $111, having jumped more than 18% in the past week.

Recently, AAVE price increased by more than 8% after Aave founder Marc Zeller announced a fee switch proposal aimed at adopting a buyback program for AAVE tokens.

Aave v3.1 goes live

The total value locked in the Aave protocol currently stands at around $22 billion. According to DeFiLlama, about $19.9 billion is on Aave V3, while the V2 chain still holds about $1.9 billion in TVL and V1 about $14.6 million.

Aave Labs announced earlier in the day that Aave V3.1 had gone live across all networks with active Aave V3 instances.

The V3.1 version features enhancements set to improve the DeFi protocol’s overall security. Aave DAO governance approved the v3.1 improvements, which also include operational efficiency and usability for the network.

Meanwhile, Aave Labs recently outlined an ambitious roadmap for the project, with a 2030 vision for Aave V4 among other developments.