According to the latest Messari statistics, the stETH pool on the Aave protocol has become the platform’s largest deposit pool.
This rise was caused by the planned Shanghai upgrade, which made more people interested in staked Ethereum.
Over the previous month, there has been a significant increase in staked ETH deposits. Despite this, the number of unique AAVE protocol users has decreased.
It declined by a considerable 35.3% in the previous month, while the number of transactions on the platform fell by 45.01%.
The number of Aave users going down has a big effect on how much money the platform makes. Statistics from token terminals show that Aave’s income has dropped by a shocking 45 percent in the last three months.
Even though income and the number of users have gone down, interest in the Aave coin has gone up. This is clear from the sharp rise in the number of big holders who are buying Aave and the noticeable rise in the speed of the Aave token.
This rise in velocity indicates that the rate at which AAVE is exchanged between addresses has grown during the previous month.
During this time, however, Aave’s network expansion slowed. It implied that fresh addresses were not drawn to the AAVE token at the time of publishing.
Even though the protocol is making a lot less money, investors’ growing interest in the Aave token may be a reason to celebrate. The Aave token was trading at $85.95 at the time of writing, down 1.86% in the previous 24 hours.
Even though this drop happened, the rise in user interest and staked ETH deposits show that Aave is a good investment for people who want to join the growing DeFi industry.