Aave’s V3 iteration on the Ethereum network has achieved a significant milestone, surpassing 10,000 unique user addresses in under six months since its deployment on 27th January. The adoption of V3 has been remarkable, attracting $2.24 billion in deposits and facilitating $756.93 million in loans, as reported by the lending protocol.
This increased user activity has propelled the value of assets locked (TVL) within Aave’s DeFi platform, resulting in a 60% growth. At the beginning of the year, Aave’s TVL was $3.82 billion, but it has now surged to $6.12 billion.
Aave V3 was initially launched on various blockchain networks, including Polygon, Arbitrum, Avalanche, Fantom, Harmony, and Optimism, with the Ethereum deployment left to be decided through a future vote. The Ethereum launch was eventually supported by the community and went live 11 months later. Since then, the TVL on Ethereum has skyrocketed by over 300%, currently standing at $2.1 billion.
With this remarkable growth, Aave has replaced MakerDAO as the DeFi protocol with the second-largest TVL, trailing only Lido Finance, which boasts a TVL of $14.90 billion. MakerDAO holds the second position with $5.31 billion in assets locked.
Since its launch, the supply of wsETH (wrapped staked Ethereum) on Aave V3 has outpaced other assets, with over 373,000 wsETH tokens valued at $802.04 million being supplied to the protocol. Interestingly, only a small fraction, 9,720 wsETH tokens worth $20.84 million, have been borrowed so far. Ethereum remains the most borrowed asset, with loans disbursed worth $301.45 million since the V3 iteration went live.
Aave’s V3 has proven to be a significant player in the DeFi space, attracting a large user base and witnessing substantial growth in asset value locked. As the platform continues to evolve, it remains a top choice for crypto enthusiasts seeking decentralized lending and borrowing solutions on the Ethereum network.
