DeFi TVL Climbs to A New ATH, Aave Dominates After Amassing $1 Billion on Avalanche
As the crypto market makes a recovery, the total value locked (TVL) in the decentralized finance (DeFi) sector has hit a new all-time high of $199.04 billion, according to DeFi Llama. And popular lending platform Aave is currently dominating the DeFi TVL.
With a dominance of 7.74%, Aave leads the space with $15.4 billion in TVL, aiming for an early Sept. peak of $16.25 billion. This TVL has increased 24% in the past 24 hours.
The majority of this Aave’s TVL belongs to the Ethereum blockchain at $12.36 billion, with Polygon next but nowhere close at $2 billion. ETH -1.95% Ethereum / USD ETHUSD $ 4,154.42
-$81.01-1.95% Volume 17.17 b Change -$81.01 Open $4,154.42 Circulating 118.09 m Market Cap 490.6 b 6 h The Korea Teachers’ Credit Union with Over $40 Billion in Assets Is Investing in A Bitcoin ETF 7 h CRV Pumps to Lead DeFi as Curve Finance Hits $100 Billion in Overall Volume 11 h Crypto is “More Of An Asset Class” As Such, No Crypto-linked Card Coming “Any Time Soon,” says American Express CEO MATIC 5.03% Polygon / USD MATICUSD $ 1.76
$0.095.03% Volume 1.94 b Change $0.09 Open $1.76 Circulating 6.76 b Market Cap 11.89 b 7 h CRV Pumps to Lead DeFi as Curve Finance Hits $100 Billion in Overall Volume 1 d Despite ETH Hitting A New ATH, Ethereum’s DeFi Market Share Drops by 30% in the Past Year 5 d Polygon (MATIC) Network See App Developers Grow by 60% Monthly on Average; 145% Increase in Usage
Interestingly, the Aave Protocol was deployed on Avalanche on Monday, and it already has more than $1 billion locked on this chain.
This deployment allows users with assets on Ethereum to bridge them via Avalanche to deposit on the Aave Protocol.
At launch, the community guardians elected by Aave Governance will hold the admin keys to the Aave deployment on Avalanche and then release them to the Aave Governance, said the team on Twitter.
— Aave (@AaveAave) October 4, 2021
Last month, the Aave community supported Aave’s deployment on Avalanche, with an overwhelming majority, 99.97%, voting in favor of this deployment.
The rationale behind going with this smart contract platform was the Avalanche network being secured by over 1,000 validators and scalable to tens or hundreds of thousands of participants. The proposal read,
“While maintaining this level of decentralization, the network can deal with high throughput and provides instant finality in 1-2 seconds, making the network’s C-Chain an incredible playground for DeFi and other EVM applications.”
Other popular DeFi protocols like SuhsiSwap and Curve are also deploying on Avalanche. SUSHI 5.14% SushiSwap / USD SUSHIUSD $ 11.47
$0.595.14% Volume 540.06 m Change $0.59 Open $11.47 Circulating 127.24 m Market Cap 1.46 b 1 w Indexed Finance's NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing 3 w DeFi TVL Climbs to A New ATH, Aave Dominates After Amassing $1 Billion on Avalanche 3 w Compound Bug Puts 490k COMP at Risk to Become the Largest Fund Loss in a Smart Contract Incident CRV -8.59% Curve DAO Token / USD CRVUSD $ 4.62
-$0.40-8.59% Volume 1.07 b Change -$0.40 Open $4.62 Circulating 426.75 m Market Cap 1.97 b 7 h CRV Pumps to Lead DeFi as Curve Finance Hits $100 Billion in Overall Volume 2 w AnySwap and Aave Fork Geist Finance Send Fantom TVL Past $9 Billion, FTM Makes a New ATH 3 w DeFi TVL Climbs to A New ATH, Aave Dominates After Amassing $1 Billion on Avalanche
Additionally, the Avalanche Foundation has allocated up to $20 million AVAX tokens for Aave users to be allocated over a 3-month period through rewards for using Aave on Avalanche.
Aave is a DeFi blue-chip with a market cap of $4 billion whose governance token AAVE is trading at $305, down 50% from its all-time high of $662 hit in mid-May.
AVAX meanwhile is a much larger crypto with a market cap of $14.4 billion, trading at $65.57. Since June, this cryptocurrency has been enjoying an uptrend and made its ATH just late last month at $80.