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Thursday, June 17, 2021

Aave Funds Have Soared Past $20 Billion

Aave has progressively climbed up the ranks of the DeFi ranking system after it embraced layer two for scaling. This resulted in its TVL or total value locked skyrocketing to the top. According to the official website of this DeFi, the Polygon and the v2 deployments of this crypto money have decidedly helped the protocol represent close to $20 billion in locked capital. This also includes the holding status of more than $12.6 billion and $7.8 billion in both deployments. 

Aave Moving Through The Ranks

As stated by DeFi Llama, the v2 of Aave is presently the largest decentralized protocol currently active that is measured through its locked assets, while the Polygon deployment of the DeFi network ranks fourth- quite an impressive fact considering it was launched just a few weeks back. Traders believe that the impressive growth of this DeFi protocol is simply due to it encompassing the layer-two solution, which has increased its adoption rate when compared to other protocols in the market. 

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DeFi Dividends, a Twitter user, has taken up data presented by Dune Analytics to highlight the monthly userbase shares of Aave which currently has more new users than both MakerDAO and Compound. This also encompasses the 44% of the users which totally comprises newcomers which is vastly more than the 26.3% of Compound and the 29.8% of MakerDAO. Even if one were to exclude Polygon, the total value borrowed is more for this DeFi protocol than both Compound and MakerDAO- almost double of the latter. 

Marc Zeller, the spearhead of Aave had predicted back in April that this DeFi would definitely transform itself into a multi-chain ecosystem that would be using the layer-one mainnet of Ethereum for settlement. This vision seems to be moving throughout the crypto sector as quite a few prominent influences like ChainLinkGod have claimed that most of the chains will definitely utilize the L2 roll-ups that help in storing data on the L1 shards which find themselves anchored to Ethereum. 

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