AAVE TVL climbs past $12 billion, DeFi token crosses $95
- AAVE total value locked in the chain has crossed $12.34 billion, per DeFiLlama data.
- AAVE added nearly 17% to its value this week, surged to $95.63 on Saturday.
- The DeFi token dominates the crypto lending sector with 41% share.
AAVE, the token of an Open Source protocol has surged to $95 on Saturday, June 29. The protocol dominates the crypto lending sector, and the total value of assets locked (TVL) has climbed past $12.34 billion per DeFiLlama data.
AAVE dominates crypto lending, extends gains
DeFiLlama data shows that AAVE’s TVL has hit $12.34 billion, up from $6.84 billion on January 2. The rise in TVL can be attributed to the growing market share of the protocol in lending and utility among market participants.
AAVE TVL on DeFiLlama
TokenTerminal data shows that 41% of the crypto lending market is dominated by the DeFi protocol AAVE. The project has noted a surge in its popularity and mentions across social media platforms in 2024.
The chart below ranks the top 20 projects in the crypto lending sector, based on market capitalization. AAVE dominates the chart between July 2023 and June 2024 capturing over 40% in market capitalization.
Crypto lending protocols market cap
A proposal for a series of upgrades to the AAVE chain, including AAVE V4, Aave Network, a cross-chain liquidity layer, non-EVM Layer 1 deployments and a fresh visual identity has reached Quorom.
Quorum has been reached on the vote for Aave 2030!
— Aave Labs (@aave) June 28, 2024
Aave 2030 proposes a series of innovative upgrades, including Aave V4, Aave Network, a Cross-Chain Liquidity Layer, non-EVM L1 deployments, and a fresh visual identity.
The future of the Aave ecosystem is looking bright. https://t.co/9dO1YK003Q
2024 has been a year of positive developments for the DeFi token. Statistics from OurNetwork show that AAVE revenue climbed from $600,000 to nearly $1 million. The total fees collected by the DeFi protocol reached $160 million, so far in 2024.
At the time of writing, AAVE price is $95.40, yielding nearly 2% gains on the day.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
