- Aave recorded the most asset deposits in its protocol.
- Although Lido underperformed, the TVL reached the 2023 highs.
The total value locked of Aaf [AAVE] gained a whopping 8.69% in the week ending March 25. The rise in deposits from unique smart contracts made the protocol the best performing protocol as total TVL reached $50.01 billion – a record year-to-date (YTD). However, the TVL fell to $49.42 billion at the time of going to press
How many Worth 1,10,100 AAVEs today?
The TVL takes into account factors such as circulating supply, locked assets, and user interest in a protocol to gauge the health of the protocol. So, Aave’s walk implied that many participants were looking in the direction of lending and borrowing over the past seven days.
Source: DeFi Lama
Aave takes the week and prevails
Lido Finance [LDO] dominated the space several weeks before Aave took over. While the liquid staking protocol maintained its stay as the project with the highest TVL, it didn’t perform well enough to become second fiddle to Aave. According to DeFi Llama, Lidos performance during the week yielded an increase of less than 1%.
However, this does not take away Lido’s position if the project has one accommodated most pinned Ether [stETH] ready to be unlocked on April 12 when the Ethereum [ETH] Shanghai upgrade takes place.
Aave, on the other hand, may not be able to boast about that, but its rising popularity could also be due to the impact of Ethereum. With a lifetime contribution of $4.82 billion, Ethereum has helped Aave earn a significant amount of fees and revenue.
Meanwhile, the non-custodial liquidity protocols have made no significant progress with regard to developments. On March 23, development activity hit an annual low of 3,792.
A detailed understanding of the metrics for feature upgrades and public commitment by the project developers to improve products under the blockchain.
But at the time of writing, there was some recovery as the stat improved to 4.31. This implies that the activity contribution of the developers has recovered significantly.
NFT Volume Rises As…
In addition to the TVL increase, NFT sales on the Aave network were also impressive this week. According to Sanitationdigital collectibles volume reached $16.05 million on March 20. Although it was lowered afterward, most of the daily sales surpassed those of the previous week.
Source: Sentiment
Is your wallet green? Check the Aave profit calculator
In addition, Aave’s activities during the week included helping to pay back money to those affected by the Platypus exploit. The exploit took place in February when a flash loan drained the Avalanche [AVAX]-based $9 million protocol.
Although it threatened the project’s solvency, Aave’s board was able to help when the rightful owners got their money back.
Pursuant to Aave’s board decision, funds are related to the @Platypusdefi exploit has just been returned to its rightful owner.
We want to say thank you @bgdlabs for working on this rescue mission. pic.twitter.com/baFXm4b1qD
— Marc Zeller 👻 💜 🦇🔊 (@lemiscate) March 24, 2023