Hassan Maishera
On Monday, Aave Labs announced via X that Aave has become the first DeFi protocol in history to hit $75 billion in net deposits. This feat is not surprising as Aave is currently the leading DeFi protocol in the crypto space.
Data obtained from DeFiLlama revealed that DeFi protocols have a Total Value Locked (TVL) of $173 billion, with Aave accounting for $45 billion, ahead of Lido with $39 billion. Aave is currently live on 18 blockchains, including Ethereum, Avalanche, BNB Chain, Plasma, Base, and several others.
Aave protocol is a decentralized, open-source, and non-custodial money market protocol. Depositors earn interest by providing liquidity to lending pools, while borrowers can obtain overcollateralized loans by using the liquidity from these pools. AAVE is trading at $296.50 per token, up 2.5% in the last 24 hours.
