Bitcoin hovers over $28K after surging earlier in the day. Institutional interest is steadfast. ALSO: total value locked on Aave's v3 platform has risen. TheSamReynolds, write
Smart contracts crypto lending platform Aave has continued its year-to-date momentum in June.
The version 3 blockchain’s total value locked has surged 15% since the start of the month to $1.76 billion, data from blockchain analytics firmshows. Aave’s TVL has skyrocketed 300% since Jan. 1, widely outpacing other major cryptos over this period. Bitcoin and ether, the two largest digital assets by market capitalization, have risen about 70% and 50%, respectively, in 2023.
Aave’s gains offer the latest evidence of rising interest in DeFi protocols that eliminate the need for third-party institutions to help execute transactions. A banking crisis that led to the collapse of three major regional banks in March has meanwhile undermined confidence in traditional, financial services organizations that have been central to lending markets.
At presstime, Aave users have supplied $1.83 billion worth of assets and borrowed $641 million on Aave’s version three , per on-chain markets terminalThe five largest borrowers accounted for more than $227.2 million in assets loaned and roughly $181.4 million in loans, about 28% of total loans on Aave v3. Ether, stablecoins, wrapped bitcoin and liquid staking tokens compose the majority of crypto assets transacted on Aave, reflecting their popularity in the DeFi ecosystem.
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