{"id":346287,"date":"2023-09-26T04:00:05","date_gmt":"2023-09-25T22:30:05","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=346287"},"modified":"2023-09-25T15:12:24","modified_gmt":"2023-09-25T09:42:24","slug":"aave-back-in-top-two-as-defi-tvl-recovers","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/aave-back-in-top-two-as-defi-tvl-recovers\/","title":{"rendered":"Aave back in top two as DeFi TVL recovers"},"content":{"rendered":"<ul>\n<li><em>Aave has reclaimed its spot as the second-largest DeFi protocol in terms of TVL.<\/em><\/li>\n<li><em>MakerDAO has seen a decline in TVL since it slashed its DAI Savings Rate (DSR) by 3%.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Decentralized lending platform Aave [AAVE] has regained its position as the protocol with the second-highest DeFi TVL after a period of decline following Curve Finance&#8217;s [CRV] hack in July.<\/span><\/p>\n<figure id=\"attachment_346297\" aria-describedby=\"caption-attachment-346297\" style=\"width: 1346px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-25-at-08.25.22.png\"><img decoding=\"async\" class=\"wp-image-346297 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-25-at-08.25.22.png\" alt=\"\" width=\"1346\" height=\"512\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-25-at-08.25.22.png 1346w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-25-at-08.25.22-300x114.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-25-at-08.25.22-1024x390.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-25-at-08.25.22-768x292.png 768w\" sizes=\"(max-width: 1346px) 100vw, 1346px\" \/><\/a><figcaption id=\"caption-attachment-346297\" class=\"wp-caption-text\">Source: DefiLlama<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">According to data from <\/span><a href=\"https:\/\/defillama.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">DefiLlama<\/span><\/a><span style=\"font-weight: 400;\">, Aave&#8217;s TVL currently stands at $4.72 billion, putting it just behind the Ethereum-based liquid staking platform Lido Finance [LDO].\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/aave-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">AAVE Profit Calculator<\/a><\/p>\n<hr \/>\n<h4><b>MakerDAO\u2019s brief stint at the \u201ctop\u201d<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">On 30 July, Curve Finance suffered a <\/span><a href=\"http:\/\/ambcrypto.com\/curve-finance-loses-millions-as-hackers-exploit-the-vyper-bug-heres-a-rundown\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reentrancy hack<\/span><\/a><span style=\"font-weight: 400;\"> through which an attacker exploited a vulnerability in the protocol&#8217;s code to steal about $73.5 million worth of crypto assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before the hack, Curve\u2019s founder Michael Egorov, had used some of his CRV holdings as collateral to borrow from various lending protocols, with the largest loan taken from Aave (over $100 million).<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Mich confirming hacker got the large CRV pool.<\/p>\n<p>That&#39;s probably enough CRV to push Mich&#39;s $100M+ of CRV into liquidation on Aave, Inverse and Abracadabra if its not absorbed.<\/p>\n<p>This is going to be nasty for those protocols and for Curve.<\/p>\n<p>Can rebuild but possibly brace for impact <a href=\"https:\/\/t.co\/5LHPE8jXxt\">https:\/\/t.co\/5LHPE8jXxt<\/a><\/p>\n<p>&mdash; Adam Cochran (adamscochran.eth) (@adamscochran) <a href=\"https:\/\/twitter.com\/adamscochran\/status\/1685735584344506368?ref_src=twsrc%5Etfw\">July 30, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">After the hack, the price of CRV plummeted, raising fears that Egorov&#8217;s loan would be liquidated. Egorov would have had to sell more CRV to avoid liquidation, which would have further depressed the price and potentially led to a contagion effect on Aave.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Update:<\/p>\n<p>The <a href=\"https:\/\/twitter.com\/hashtag\/Curvefi?src=hash&amp;ref_src=twsrc%5Etfw\">#Curvefi<\/a> founder(Michale Egorov) sold a total of 142.6M <a href=\"https:\/\/twitter.com\/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$CRV<\/a> to 30 institutions\/investors via OTC at a price of $0.4 and received $57M to repay the debts.<\/p>\n<p>He currently has 269.8M <a href=\"https:\/\/twitter.com\/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$CRV<\/a>($166M) in collateral and $48.7M in debt on 4 platforms.<a href=\"https:\/\/t.co\/8ozY1y5KrO\">https:\/\/t.co\/8ozY1y5KrO<\/a> <a href=\"https:\/\/t.co\/ITA08Fuf4f\">pic.twitter.com\/ITA08Fuf4f<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1688180997173776389?ref_src=twsrc%5Etfw\">August 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4><strong>The details<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">In anticipation of a contagion effect, many liquidity providers withdrew their funds from Aave, resulting in a decline in the protocol\u2019s TVL and a drop in the price of the AAVE token. For context, within the seven days that followed the hack, Aave\u2019s TVL plummeted by 15%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As liquidity providers and borrowers flocked to MakerDAO [MKR], its wrapped staked Ether tokens (wsETH) deposits climbed, causing its TVL to surge, thereby <a href=\"http:\/\/ambcrypto.com\/aave-loses-second-place-to-makerdao-in-defi-tvl-race\/\" target=\"_blank\" rel=\"noopener\">replacing<\/a> Aave as the second-largest DeFi protocol in terms of TVL.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To keep the traction going, MakerDAO <a href=\"http:\/\/ambcrypto.com\/makerdaos-dsr-surge-could-steer-the-protocols-growth-in-this-direction\/\" target=\"_blank\" rel=\"noopener\">amplified<\/a> its Dai Savings Rate (DSR) to 8% on 1 August, and within seven days, the total amount of the DAI stablecoin deposited in the DSR contract jumped from 339.4 million to 556 million, according to <\/span><a href=\"https:\/\/makerburn.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Makerburn.com<\/span><\/a><span style=\"font-weight: 400;\"> data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Soon after, a proposal was passed to <\/span><a href=\"http:\/\/ambcrypto.com\/makers-dsr-reduction-opens-up-the-exit-door-for-whales-heres-how\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reduce<\/span><\/a><span style=\"font-weight: 400;\"> the DSR to 5%, forcing a number of whales to remove previously provided liquidity from the DSR pool. For example, Tron founder Justin Sun withdrew 206 million in DAI and 235,556 WSTETH from the pool.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This resulted in a decline in the protocol\u2019s TVL. According to data from DefiLlama, MakerDAO\u2019s TVL has dropped by 9% in the last month.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 AAVEs worth today?<\/p>\n<hr \/>\n<h4><b>AAVE sees new demand<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Trading at $62.07 at press time, AAVE\u2019s price has jumped by 10% in the last month, data from <a href=\"https:\/\/coinmarketcap.com\/currencies\/aave\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a> showed. This has been due to an uptick in new demand for the DeFi token. According to data from <\/span><a href=\"https:\/\/app.santiment.net\/charts\/FoSzIDuW__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Santiment<\/span><\/a><span style=\"font-weight: 400;\">, the daily count of new addresses created to trade AAVE has risen by 20% since 9 September.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Likewise, the number of addresses involved in AAVE transactions daily has since rallied by 6%.\u00a0<\/span><\/p>\n<figure id=\"attachment_346289\" aria-describedby=\"caption-attachment-346289\" style=\"width: 2560px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Aave-on-Ethereum-AAVE-08.13.50-25-Sep-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-346289\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Aave-on-Ethereum-AAVE-08.13.50-25-Sep-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Aave-on-Ethereum-AAVE-08.13.50-25-Sep-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Aave-on-Ethereum-AAVE-08.13.50-25-Sep-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Aave-on-Ethereum-AAVE-08.13.50-25-Sep-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Aave-on-Ethereum-AAVE-08.13.50-25-Sep-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Aave-on-Ethereum-AAVE-08.13.50-25-Sep-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Aave-on-Ethereum-AAVE-08.13.50-25-Sep-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-346289\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As MakerDAO loses traction due to a drop in its DAI Savings Rate, Aave has returned to being the second-largest DeFi protocol in terms of TVL after Lido.<\/p>\n","protected":false},"author":64,"featured_media":346301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[3366,4459],"class_list":["post-346287","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-lido","tag-maker-mkr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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