Aave

Token

DeFi

<ul>
 <li>Aave secured a $6 million revenue during Monday’s crypto market sell-off.</li>
 <li>More than 1 billion was liquidated across the crypto derivative market.</li>
</ul>
On August 5, the decentralized finance (DeFi) protocol Aave showed notable strength amid a severe crypto market plunge. Aave generated $6 million in revenue from decentralized finance liquidations. This spike in revenue is a response to economic events, like the interest rate hike by the Bank of Japan and the U.S. jobs report.
Moreover, at the time of writing, the crypto market briefly experienced a rebound with Ether (ETH), spike over 6.62% the last 24 hours . Also, Aave’s native token (AAVE) saw its market cap spike by 21.23%. Overall, the crypto market cap increased to $1.97T, marking a 4.17% increase over the last day.
The market turmoil led to a staggering $433M in <a href="https://www.coinglass.com/" target="_blank" rel="noopener noreferrer nofollow">liquidations</a> in the last 24 hours across the sector, and more than $1 billion liquidated across the crypto derivatives market. Aave was particularly fortunate, to turn this volatility into an opportunity.&nbsp;
Also, a notable transaction involved a $7.42 million wrapped Ether (WETH) position, which alone generated $802.218 in revenue for Aave, according to <a href="https://eigenphi.io/mev/ethereum/liquidation/tx/0x9e487295aa80ab25fab4e0b4f75ff3b59e22b4371958266d6f252a8a78f90d52" target="_blank" rel="noopener noreferrer nofollow">on-chain</a> data. The data shows that Aave’s V3 recorded revenue amounting to $2 million in a single day.
<h3 class="wp-block-heading" id="h-aave-s-stability-amid-market-turbulence">Aave’s Stability Amid Market Turbulence</h3>
Stani Kulechov, Aave’s founder, <a href="https://x.com/StaniKulechov/status/1820440790180503741" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> the protocol’s booming performance in an X post. He reported that Aave had successfully withstood 14 active markets on various Layer 1 (L1) and Layer 2 (L2) blockchains, securing a total value of $21 billion.&nbsp;
The total value locked (TVL) in DeFi protocols dropped from $100 billion to $71 billion at the start of the month, reflecting broader sector <a href="https://thenewscrypto.com/what-drove-aave-aave-price-up-by-over-20/" target="_blank" rel="noopener noreferrer nofollow">challenges</a>. According to Defilama, DeFi platforms show a $79.57B TVL which dipped from yesterday’s $85.195B value. The crypto community has <a href="https://thenewscrypto.com/defi-liquidations-hit-new-annual-high-amid-crypto-market-sell-off/" target="_blank" rel="noopener noreferrer nofollow">responded</a> positively to Aave’s performance, with many praising its stability during this turbulence.
However, Token Terminal reported an increase in active loans within the DeFi space, reaching $13.3 billion indicating a potential pioneer in a market rebound. Therefore, amid market conflicts, Aave’s strong performance and liquidation strategy highlight DeFi’s resilience amidst market volatility.
Highlighted Crypto News Today: <a href="https://thenewscrypto.com/u-s-fed-summons-emergency-meeting-amid-global-market-turmoil/" target="_blank" rel="noopener noreferrer nofollow">U.S Fed Summons Emergency Meeting Amid Global Market Turmoil</a>

Aave Secures $6M Revenue During Ongoing Crypto Market Sell-Off

Table of Contents

TheNewsCrypto

Other articles published on Aug 6, 2024

India Demands $86 Million from Binance for GST Non-Compliance

Ethereum Plummets 8.5% Following ETF Outflows: Analyzing the Market Reaction

VeChain Reaches New Development Peak in July 2024 as Core Developer Numbers Surge

PEPE and DOGE Display Bullish Signals, Analysts See Reversals

What exactly is going on with Robinhood?

Upbit Lists Pendle for Trading

Join our free newsletter for daily crypto updates!