Aave Dominates after DeFi Loses One Unicorn, FTX Launches LEND Perpetual Contracts

Aave is now the dominating force in the DeFi world.

With a dominance of 20.72%, this lending protocol currently has $1.54 billion of total value locked in it, out of the total DeFi TVL of $7.45 billion.

Aave is actually now one of the three unicorns of the DeFi world after Uniswap lost its status following SushiSwap’s migration.

Uniswap’s clone, SushiSwap, was responsible for more than 75% of the liquidity on the former DEX, which resulted in its TVL to be more than halved to $450 million, volume to slash down to around $350 million, and liquidity to take the biggest hit to $600 million.

Still, the numbers are improving and are better than the pre-SushiSwap launch. As such, currently, Aave, Maker, and Curve Finance are the only ones with more than $1 billion TVL.

DeFi darling Yearn.Finance is close behind with $806 million, followed by Synthetix $715 million, Compound $612 million, and Balancer with $564 million.

Aave Perpetual Contracts

The derivatives platform FTX meanwhile launched LEND perpetual contracts today.

One of the hottest DeFi tokens in the market, LEND, has seen an uptrend of 7,460% YTD. Today, this 26th largest crypto with a market cap of $866 million jumped 21% on the back of FTX listing, trading at $0.665.

FTX is recording a volume of 2.9 million LEND and open interest of nearly 635k LEND on its perpetual futures.

FTX CEO Sam Bankman-Fried, who was recently handed over the control of SushiSwap, also announced that its migration has also been successful and the DEX is now live with staking SUSHI enabled to earn fees from Sushiswap.

Also, FTX’s partner Solana blockchain’s on which the DEX Serum is built will now have Tether running on it. The idea is to “facilitate the building of ultra-high-speed, low-cost decentralized finance (DeFi) applications.”

The most popular stablecoin Tether (USDT), which is the third-largest cryptocurrency by market cap of $14.7 billion, already runs on several blockchains including Ethereum, which accounts for more than 60% of all USDT issuance, followed by Tron, Omni, EOS, Liquid, Algorand, and Bitcoin Cash’s Standard Ledger Protocol (SLP).

Solana’s native token responded with a 30% spike in its price to $3.34.

“Tether is expanding every day/week/month/year since 2014. Never stops, never sleeps, just works,” said Paolo Ardoino, CTO at Tether and its sister company, crypto exchange Bitfinex.

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