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

BREAKING: Earthquake in This Altcoin – CEO Suddenly Announced His Resignation

Binance Labs' New Investment: What is Particle Network?

Dogecoin Faces Challenges Amid Market Pressure

‘We Can’t Be Left Behind:’ Trump Urges U.S. to Keep Crypto

Bitcoin miners faces profit squeeze as hashprice declines by 28%

Altcoins Poised for Recovery: Market Cap Stabilizes After Recent Dip

Join our free newsletter for daily crypto updates!