AAVE, the token of the open-source protocol of the same name, has skyrocketed to $95 at the time of writing. The protocol dominates the crypto lending space and its total value locked (TVL) has grown to over $12.3 billion.
Source: TradingView
AAVE Dominates Crypto Lending, Expanding Profits
DeFiLlama data shows that AAVE’s TVL has reached $12.32 billion, up from $6.84 billion on January 2. The increase in TVL could be due to the protocol’s growing market share in lending and utility among market participants.
Source: DeFiLlama
TokenTerminal data shows that 41% of the crypto lending market is dominated by this DeFi protocol. The project has seen a surge in popularity and mentions on social media platforms in 2024.
The chart below ranks the top 20 projects in the crypto lending space, based on market capitalization. AAVE dominated the rankings from July 2023 to June 2024, accounting for more than 40% of market capitalization.
Source: TokenTerminal
A proposal about a series of upgrade for the AAVE chain, including AAVE V4, Aave Network, crosschain liquidity layer, non-EVM Layer 1 implementation, and new visual identity has arrived on Quorom.
2024 is a year of active development for DeFi tokens. Statistics from OurNetwork show that AAVE’s revenue has increased from $600,000 to nearly $1 million. Total fees collected from DeFi protocols have reached $160 million as of now in 2024.
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According to FXStreet
