- The number of unique users on Aave’s V3 reached 10,000.
- Increased user activity has led to a jump in TVL in the lending protocol.
Aaf [AAVE] deployed its V3 iteration on the Ethereum [ETH] network on January 27, and the number of unique addresses has passed the 10,000 mark in less than six months.
The Aave V3 Ethereum market recently reached a remarkable milestone as it welcomed 10,000 unique addresses in just under six months. pic.twitter.com/RHs4qyk2nK
— Aave (@AaveAave) July 20, 2023
Since its on-chain launch, the V3 implementation has attracted $2.24 billion in deposits and $756.93 million in loans, per facts from the lending protocol.
Read Aave’s [AAVE] Price forecast 2023-2024
Thanks to V3, Aave has been able to…
As a result of the extensive use of Aave after the launch of V3, the value of assets locked (TVL) within the decentralized finance platform (DeFi) has grown by 60%. As of January 1, Aave’s TVL was $3.82 billion and at the time of writing was $6.12 billion.
Source: DefiLlama
When Aave V3 launched in March 2022, it was deployed on a number of blockchain networks, including Polygon [MATIC]arbitration [ARB]Avalanche [AVAX]Phantom [FTM]Harmony and Optimism [OP] — leaving Ethereum stakes to a future vote.
1/ Aave V3 is here!
V3, the most powerful version of the Aave protocol to date, delivers groundbreaking new features ranging from increased capital efficiency to improved decentralization. Read what’s new in V3 in the thread belowor visit https://t.co/H3jTyKRqNs to dive in! pic.twitter.com/LXzn7660nA
— Aave (@AaveAave) March 16, 2022
Follows unanimously support of its community members, V3 was launched 11 months later on the leading altchain. Since V3 went live on Ethereum, the TVL is up more than 300%. At the time of writing, this amounted to $2.1 billion.
On January 1, the TVL was less than $1 billion, at $440 million.
The growth of Aave’s TVL over the past six months led to it having to replace MakerDAO [MKR] as the DeFi protocol with the second largest TVL after Lido Finance [LDO]which remains the best DeFi protocol with a TVL of $14.90 billion.
MakerDAO trails Aave with an asset-locked value of $5.31 billion, down 15% since March 10 when SVB collapsedand the USDC and DAI stablecoins lost parity with the US dollar.
Source: DefiLlama
How much are 1,10,100 AAVEs worth today?
State of Aave V3 on Ethereum
Since its launch, wsETH’s offering on Aave V3 has grown to become the highest of any asset contained in the iteration. At the time of writing, more than 373,000 wsETH tokens worth $802.04 million have been delivered to the protocol.
Interestingly, out of 373,000 wsETH tokens delivered, only 9,720 wsETH tokens worth $20.84 million have been borrowed so far. Ethereum ranked as the most borrowed asset, with $301.45 million worth of ETH coins disbursed when loans went live with the V3 iteration.