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Aave Breaks Maker’s Long DeFi Reign

Aave Breaks Maker's Long DeFi Reign

Aave currently ranks as the leading DeFi protocol when it comes to total value locked (TVL). This ascension left behind MakerDao and Curve Finance on its tail.

Source: DeFi Pulse
Source: DeFi Pulse

In the history of DeFi, Aave was the second platform based on Ethereum that has beaten MakerDao in terms of TVL, holding a dominance of 21.51% at the time of writing. The first platform that transcends the MakerDao was Compound in June 2020.

According to DeFi Pulse’s data, Aave reaches over $1.52 billion of total locked assets. This massive amount enables its users to earn interest and borrow crypto assets. Aside from that, the platform is also known to offer a wide range of assets for borrowing and depositing with different kinds of stablecoins such as TrueUSD (USDT), Tether (USDT), and USDC Coin (USDC). These stablecoins also play a significant role when it comes to Aave’s locked amount.

Furthermore, Aave’s current TVL account as one-seventh of the total digital assets staked in the whole DeFi industry. This amount greatly contributes a lot to the emerging space of DeFi.

Read Also: Aave Reaches $300M Flash Loan Milestone

In a tweet, Aave was hailed as the new king of DeFi with an additional remark saying “can ghosts wear crowns?” as Aave translates as the Finnish word for ‘ghost’. This tweet was intended to complement Aave. On the other hand, the CEO of Aave, Stani Kulechov, also tweeted to invite the CEO of Tesla Elon Musk to join the DeFi frenzy. He said:

I would be excited some day to tokenize Teslas, allow people to use the cars as a collateral in Aave to borrow $USDC and spend it for affordable mars trips. This is called DeFi and it’s coming to improve finance.

These events within the DeFi industry indicate its accelerated growth being driven into the right direction. With the continued trust and confidence of investors and users in the industry, DeFi would be persistently on the rise.

Read More: DeFi Continue Skyrocketing Throughout August

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.