This DeFi Token Dominates Crypto Lending, AAVE Surpasses $95

• The total value of AAVE locked on-chain has exceeded $12.34 billion, according to data from DeFiLlama.
• AAVE added nearly 17% to its value this week, reaching $95.63 on Saturday.
• The DeFi token dominates the crypto lending sector with a 41% share.

AAVE, the token of an open-source protocol, surged to $95 on Saturday, June 29. The protocol is dominating the crypto lending sector and the total value of assets locked (TVL) has surpassed $12.34 billion according to DeFiLlama data.

AAVE Dominates Crypto Lending Market, Extends Gains

DeFiLlama data shows that AAVE’s TVL reached $12.34 billion, up from $6.84 billion on January 2. The increase in TVL can be attributed to the protocol’s growing market share in lending and utilities among market participants.

AAVE TVL on DeFiLlama

TokenTerminal data shows that 41% of the crypto lending market is dominated by DeFi protocol AAVE. The project has noted an increase in its popularity and mentions on social media platforms in 2024.

The table below ranks the top 20 projects in the crypto lending sector, based on market cap. AAVE dominates the chart between July 2023 and June 2024, capturing over 40% of the market cap.

Market capitalization of crypto lending protocols

A proposal for a series of upgrades to the AAVE channel, including AAVE V4, Aave Network, a cross-chain liquidity layer, non-EVM layer 1 deployments and a new visual identity have reached Quorom.

2024 has been a year of positive developments for the DeFi token. OurNetwork statistics show that AAVE’s revenue grew from $600,000 to almost $1 million. The total fees collected by the DeFi protocol have reached $160 million so far in 2024.

At the time of writing, AAVE’s price is $95.40, representing a gain of almost 2% on the day.

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