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 3.13% Ethereum / USD ETHUSD $ 3,486.45
$109.133.13% Volume 16.43 b Change $109.13 Open $3,486.45 Circulating 117.81 m Market Cap 410.74 b 11 h Citadel Founder Says Regulating Crypto Will Make It “A Smaller Market” And “That’ll Be Good” 12 h DeFi TVL Climbs to A New ATH, Aave Dominates After Amassing $1 Billion on Avalanche 15 h Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market MATIC -0.24% Polygon / USD MATICUSD $ 1.29
$0.00-0.24% Volume 716.7 m Change $0.00 Open $1.29 Circulating 6.67 b Market Cap 8.6 b 12 h DeFi TVL Climbs to A New ATH, Aave Dominates After Amassing $1 Billion on Avalanche 1 w Wormhole Launches Solana-Ethereum Bridge to Move NFTs Cross-Chain 2 w Even Ethereum Layer 2 Solutions Are Earning Significantly Higher Fee Revenue than Bitcoin
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 4.51% SushiSwap / USD SUSHIUSD $ 10.86
$0.494.51% Volume 264.74 m Change $0.49 Open $10.86 Circulating 127.24 m Market Cap 1.38 b 12 h DeFi TVL Climbs to A New ATH, Aave Dominates After Amassing $1 Billion on Avalanche 1 d Compound Bug Puts 490k COMP at Risk to Become the Largest Fund Loss in a Smart Contract Incident 3 d Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too CRV -4.18% Curve DAO Token / USD CRVUSD $ 2.80
-$0.12-4.18% Volume 207.51 m Change -$0.12 Open $2.80 Circulating 426.75 m Market Cap 1.19 b 12 h DeFi TVL Climbs to A New ATH, Aave Dominates After Amassing $1 Billion on Avalanche 3 d Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too 1 w DeFi Rallies on China Ban as Chinese Turn to Decentralized Projects, Crypto Prices Recover to Pre-ban Levels
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.