Decentralized Finance (DeFi) has crossed a new milestone of $7 Billion in Total Value Locked (TVL). As of August 28, the TVL stands at $7.13B. The usual Maker dominance has been replaced by Aave’s, which overtook it as the most dominant protocol. Aave currently holds 20.54% of the market share.
Maker, once at the top of the leaderboard, has now slipped to the second spot, having a TVL of $1.4B and marketshare of 19.63%. Curve Finance, which recently released its token CRV, has maintained a comfortable position at #3, with a TVL of $1.22B and a marketshare of 17.11%.
yearn.finance has gained massive significance in an extremely short period of time, it currently occupies the fourth position. The old time favorite Synthetix holds the fifth position. The famed decentralized Automated Market Maker (AMM) Uniswap is a new entrant in the top ten list.
Aave is a decentralized lending and borrowing protocol. It is open source and non-custodial. The lenders supply assets to earn compounding interest and get a-marked tokens, which continuously increase in value to account for the added interest.
On the other side, the borrowers can obtain loans by supplying assets, with the collaterization ratio, liquidation threshold and liquidation penalty parameters. The interest rates automatically change based on supply and demand. The withdrawal can be made anytime.
Aave Overtakes Maker
Aave climbing to the top of the DeFi leaderboard has been described by many as a long time coming. However, Aave’s approval as an authorized electronic money institution by the United Kingdom’s Financial Conduct Authority (FCA) on August 24 finally sealed the deal.
On August 24, Aave’s price was ~$0.6, which rose up after the news broke. It marked a steady climb to ~$0.75 by August 25. By August 26, it had reached its peak of ~$0.86, which then stabilized at ~$0.81 by the next day. It’s currently holding steady at ~$0.76 and expected to continue the uptrend further.
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Aave Pro – DeFi Grade Yields For The Institutions And The Corporate World
- Top Emerging Platforms for Crypto Loans
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- Crypto Market Crosses $3 Trillion, DeFi Hits Record $113 Billion
- yearn.finance’s YFI: +18,000% in Four Weeks!
- Aave shoots 20% – Is this DeFi project worth it?
- Aave: How To Earn Interest On Your ERC-20 Tokens
- Big News: Ripple Price is about to TRIPLE? This News Confirms…
- Top 5 DeFi Protocols To Look Out For
- Crypto Market: Upfiring Rises 1370%, Audius, EVM-LLVM etc.
- Aave Price Analysis– Is this DeFi Project Worth it?
- DeFi Update – Bitcoin Tokenized on Ethereum crosses $2B, TVL Stabilizes at $11.6B
- XRP relisted, Ripple CEO optimistic about the Lawsuit…BUY XRP in 2023?
- DeFi News Ticker – CryptoTicker
- New To DeFi? Connect Your Metamask To Aave With These Steps!
- Your Definite Guide on How to use AAVE App
You might also like
More from Altcoin
Top 5 Altcoins to BUY in May 2023 – Best Crypto Investments!
Altcoins to Buy in May 2023: We just compiled our list of the best cryptos to buy before the end …
Litecoin Price Prediction 2023: Will Litecoin Surge 700% vs Bitcoin?
The founder of Litecoin predicts that LTC/BTC could rally up to 0.025 BTC. In this Litecoin price prediction, we explain …
Ethereum Prediction 2023: Can Ethereum reach $4,000 by Year End?
In this Ethereum prediction 2023 article, we explore trends to assess the potential trajectory of Ethereum in the coming months.