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 -0.51% Ethereum / USD ETHUSD $ 1,952.45
-$9.96-0.51%
Volume 13.13 b Change -$9.96 Open $1,952.45 Circulating 120.92 m Market Cap 236.09 b
4 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 4 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 4 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022
MATIC 0.80% Polygon / USD MATICUSD $ 0.64
$0.010.80%
Volume 449.37 m Change $0.01 Open $0.64 Circulating 7.95 b Market Cap 5.12 b
4 mon StarkWare Proposes to Deploy Aave on its ZK-Rollup L2 StarkNet 4 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 4 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum

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.

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 4.55% SushiSwap / USD SUSHIUSD $ 1.71
$0.084.55%
Volume 183.93 m Change $0.08 Open $1.71 Circulating 127.24 m Market Cap 217.23 m
4 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 5 mon Is This The Beginning of the Santa Rally? Markets Jump in Asia Session 5 mon Polygon Rolls Out EIP 1559 Implementation to Burn MATIC Token
CRV 0.00% Curve DAO Token / USD CRVUSD $ 1.23
$0.000.00%
Volume 111.22 m Change $0.00 Open $1.23 Circulating 458.9 m Market Cap 564.43 m
5 mon Bitcoin Aims for $50k Ahead of Low-Liquidity Holiday Season as Girls Who Code Refuse to “Miss Out” on Crypto 5 mon Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions 5 mon Crypto Market Tanks: Bitcoin Correlation with S&P 500 Reaches 2021 High & USD Longs at Highest Level since June 2019

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.

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