Aave

DeFi

Decentralized finance protocol Aave generated more than $6 million in revenue as the crypto prices plummeted.
Stani Kulechov, founder of Aave (<a href="https://crypto.news/price/aave/" rel="noopener noreferrer nofollow">AAVE</a>), said in a <a href="https://x.com/StaniKulechov/status/1820369793716826140" target="_blank" rel="noopener noreferrer nofollow">post</a> on X on Aug. 5 that the DeFi protocol secured the revenue after navigating the crypto market plunge that had investors reeling on Monday. Aave, which <a href="https://crypto.news/aave-rallies-10-amid-surging-whale-activity/" rel="noopener noreferrer nofollow">traded higher</a> to hit $117 on Aug. 2, followed by lows of $79 on Aug. 5 amid a crypto crash.
<h2 class="wp-block-heading" id="aave-sees-6-million-in-revenue">Aave sees $6 million in revenue</h2>
According to Kulechov, Aave helped secure $21 billion in value amid the bloodbath, as the network was rewarded $6 million in revenue.
Aave’s revenue surge came amid the massive liquidations witnessed across the market as Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>)’s plunge to below $50k pulled altcoins lower. Aave also saw a series of such transactions, with one involving $7.4 million worth of wrapped Ether (WETH), <a href="https://eigenphi.io/mev/ethereum/liquidation/tx/0x9e487295aa80ab25fab4e0b4f75ff3b59e22b4371958266d6f252a8a78f90d52" target="_blank" rel="noopener noreferrer nofollow">resulting</a> in $802,000 in revenue for the DeFi protocol.
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“Aave Protocol withstood market stress across 14 active markets on various L1s and L2s, securing $21B worth of value,” Kulechov noted. “Aave Treasury was rewarded with $6M in revenue overnight from decentralized liquidations for keeping the markets safe.”
DefiLlama data <a href="https://defillama.com/treasuries" target="_blank" rel="noopener noreferrer nofollow">shows</a> the Aave treasury currently holds over $119 million worth of assets. However, pullbacks in crypto prices have seen the total value locked on Aave drop to around $16.8 billion, down 27% in the past week.
<h2 class="wp-block-heading" id="crypto-liquidations-surpass-1-billion">Crypto liquidations surpass $1 billion</h2>
Crypto traders with massive bullish bets on digital asset derivatives have seen more than $1.2 billion liquidated in the past 24 hours. Long liquidations account for the largest share of the rekt positions with $956 million, while bearish bets currently stand at $265 billion.
According to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">Coinglass data</a>, more than 307,000 traders liquidated as the market mirrored declines across stocks. The market’s single largest liquidation order, $27 million, occurred on Huobi.
Read more: <a href="https://crypto.news/crypto-liquidations-surpass-1b-amid-market-wide-turbulence/" rel="noopener noreferrer nofollow"> Crypto liquidations surpass $1b amid market-wide turbulence </a>

Aave nets $6m in revenue amid crypto plunge

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