Connect with us
Active Currencies 14290
Market Cap $2,520,335,253,668.90
Bitcoin Share 51.70%
24h Market Cap Change $0.24

Ethereum’s Aave V3 reaches new milestone in under six months

2min Read

Aave’s V3 launched on Ethereum in January, and the DeFi protocol’s TVL has since grown significantly.

Share this article

  • The unique user count on Aave’s V3 reached 10,000.
  • Increased user activity has led to a jump in TVL in the lending protocol.

Aave [AAVE] deployed its V3 iteration on the Ethereum [ETH] network on 27 January, and its unique address count has reached the 10,000 milestone in under six months. 

Since it launched on the chain, the V3 deployment has attracted $2.24 billion in deposits and $756.93 million in loans, per data from the lending protocol.


Read Aave’s [AAVE] Price Prediction 2023-2024


Thanks to V3, Aave has been able to…

As a result of Aave’s expanded usage post the V3 launch, the value of assets locked (TVL) within the decentralized finance (DeFi) platform has grown by 60%. As of 1 January, Aave’s TVL was $3.82 billion, and sat at $6.12 billion at press time. 

Source: DefiLlama

When Aave V3 launched in March 2022, it was deployed on a number of blockchain networks — including Polygon [MATIC], Arbitrum [ARB], Avalanche [AVAX], Fantom [FTM], Harmony, and Optimism [OP] — with the Ethereum deployment being left to be decided by a future vote.

Following unanimous support from its community members, V3 was launched on the leading altchain 11 months later. Since V3 went live on Ethereum, its TVL has climbed by over 300%. At press time, this stood at $2.1 billion.

As of 1 January, the TVL was under $1 billion, at $440 million.

The growth in Aave’s TVL in the past six months led it to replace MakerDAO [MKR] as the DeFi protocol with the second largest TVL after Lido Finance [LDO], which remains the top DeFi protocol with a TVL of $14.90 billion.

MakerDAO comes behind Aave with an asset-locked value of $5.31 billion, having dropped by 15% since 10 March when SVB collapsed, and the USDC and DAI stablecoins lost their parity with the U.S. dollar.

Source: DefiLlama


How much are 1,10,100 AAVEs worth today?


State of Aave V3 on Ethereum

Since its launch, wsETH’s supply on Aave V3 has grown to be the highest of all the assets the iteration holds. As of this writing, over 373,000 wsETH tokens worth $802.04 million have been supplied to the protocol.

Interestingly, of the 373,000 wsETH tokens supplied, only 9,720 wsETH tokens worth $20.84 million have been borrowed so far. Ethereum ranked as the most borrowed asset, with ETH coins worth $301.45 million disbursed as loans with the V3 iteration went live. 

Share

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.