This DeFi Token Dominates Crypto Lending, AAVE Surpasses $95

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

AAVE, the token of an open source protocol, climbed to $95 on Saturday, June 29. The protocol dominates the crypto lending industry and the total value of assets locked (TVL) has exceeded $12.34 billion according to DeFiLlama data.

AAVE Dominates Crypto Lending, Extends Gains

Data from DeFiLlama 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 utility 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 capitalization. AAVE dominates the ranking between July 2023 and June 2024, capturing over 40% of the market capitalization.

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 revenue has increased from $600,000 to nearly $1 million. The total fees collected by the DeFi protocol have reached $160 million so far in 2024.

At the time of writing, the price of AAVE is $95.40, which represents a gain of almost 2% on the day.

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