With $1.45 billion in total value locked, Aave has overtaken MakerDAO, which holds about $1.44 billion in total value locked.
Total value locked (TVL) in the Aave decentralized finance protocol has reached $1.45 billion. According to DeFi Pulse data, Aave’s TVL has risen more than 180% since the start of August.
Data shows the protocol now holds the largest amount of crypto collateral on deposit, surpassing MakerDAO, which has roughly $1.44 billion of assets locked in smart contracts. Curve Finance holds over $1.10 billion, Compound $798 million, and Yearn.finance $794 million.
Total value locked across all DeFi protocols is currently around $6.91 billion at the time of writing. Aave’s dominance is about 20.9% according to DeFi Pulse, and its TVL rose more than 3.8% in the last 24 hours.
Four distinct projects in the DeFi space have reached the billion-dollar TVL mark in recent months.
Besides MakerDAO and Aave, other Ethereum-based projects have crossed the billion-dollar threshold: Compound and Curve Finance. Compound also saw its COMP token surge over 300% within days as interest in yield farming spiked.
Aave officially launched its protocol in January 2020 after development began in November 2017. Originally named ETHLend, the peer-to-peer lending platform started with support for 13 digital assets for collateralized lending and borrowing.
Aavenomics is an update to token distribution that introduces the AAVE token, enabling holders to stake and vote on governance issues. Users can also benefit from credit delegation, a feature that allows them to earn when authorized borrowers take loans backed by collateral supplied by third-party assets.
Price of the LEND/USD Pair
Beyond the amounts locked in contracts, Aave has experienced strong market performance recently. Over the past month, its governance token LEND has outperformed many other DeFi tokens.
The LEND/USD pair traded around $0.30 at the beginning of the month. A broader cryptocurrency market rally pushed the token to a high near $0.77. LEND is up more than 25% over the past week and over 200% in the past month.
The LEND/USD value has jumped more than 1,000% since June 1, and the token’s price has risen nearly 3,900% year-to-date.