Victor Ugochukwu · Oct 22, 2020 . 5min read
BREAKING: Aave displaces Maker as the new DeFi king
With 1.47 billion USD Total Value Locked - TVL, Aave has now displaced Maker which until now was the dominant platform within the DeFi industry
By Victor Ugochukwu · Aug 25, 2020 . 4min read
The highly adaptive and innovative money market protocol, Aave just flipped Maker as the new DeFi king.
With 1.47 billion USD Total Value Locked – TVL, Aave has now displaced Maker, which until now was the dominant platform within the DeFi industry.
According to data from DeFi Pulse, Aave now has 181,000 ETH locked in its vaults.
Until now, Aave continues to innovate and introduce a slew of products for the teeming DeFi users. Among them are, Flash Loans, Credit Delegation, Cold Wallet vote sign-off and much more. It was only just a few weeks back that Aave surpassed Compound Finance in TVL. Since then, Aave has reviewed its tokenomics in anticipation of its issuance of AAVE, its governance token.
Evidently, Aave protocol userbase has been growing so fast. Data from Dune Analytics, an on-chain monitoring tool shows Aave protocol users at 17,739 which may soon displace Maker presently at 18,362
It should be noted that Aave’s token price has appreciated by over 3,600 percent year to date. These huge gains in price shoot Aave well into the top cryptocurrency projects on Coinmarketcap. As at press time, Aave also displaces Maker on the Coindirectory. The project ranks 28th with $722 million market capitalization while Maker is two spots behind at $650 million valuations.
Moreover, Aave in July secured a $3 million investment deal with 3 Arrows Capital and Framework Ventures to help accelerate its protocol growth further.
Conclusively, the DeFi summer has been cool for Aave even as it recently obtained an Electronic Money Institution license from the UK’s FCA for possible EEA expansion.
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Komal Joshi · Oct 22, 2020 . 5min read