Buy/Sell Crypto

Aave on Avalanche (AVAX) just touched $1 billion. Here’s why


After Aave got deployed on the Avalanche (AVAX) blockchain, the value of deposited assets on the popular lending protocol increased by $1 billion in only a matter of hours.

Avalanche’s ecosystem is expanding as the network witnesses a major influx of attention and liquidity, all boosted by hefty incentives.

Influx of liquidity 

“Aave is live on Avalanche – launching alongside $20M in AVAX incentives,” read the network’s tweet, welcoming the lending protocol’s deployment.

.@AaveAave is live on #Avalanche–launching alongside $20M in $AVAX incentives.

…#AvalancheRush in full force this autumn: https://t.co/8CNKNIEGtB pic.twitter.com/6mhppIsrDw

— Avalanche 🔺 (@avalancheavax) October 4, 2021

In a matter of hours following the launch, an impressive influx of liquidity was recorded, as Aave’s total value locked (TVL) on Avalanche surpassed $1 billion.

Aavelanche touched billy 🥳 congrats to Aave & Avalanche communities 👏 pic.twitter.com/iOQaP25iU8

— Keep building and support each other (👻,🐻‍❄️) 👘 (@StaniKulechov) October 4, 2021

The TVL on Avalanche could continue increasing since the Avalanche Bridge (AB) enabled transferring assets to and from Ethereum (ETH).

Those users with assets on Ethereum can now bridge them via @avalancheavax to deposit on the Aave Protocol. https://t.co/3xA1CPrsc2

— Aave (@AaveAave) October 4, 2021

Aave is currently recording around $15,17 billion in TVL, out of which $12.18 billion are on Ethereum, $1.98 billion on Polygon (MATIC), and, as of recently, $1.01 billion on Avalanche, according to DeFi Llama’s data. 

Currently, Avalanche’s TVL records $4,4 billion, with its native protocols dominating in share. Lending market BENQI is recording $1,19 billion, while Trader Joe DEX follows with $1,17 billion in TVL.

Incentives and Dapps

With a forcible throughput, allowing more than 4,500 transactions per second (TPS), Avalanche is positioning itself as a fast and energy-efficient competitor among Proof of Stake (PoS) blockchains.

The TVL on Avalanche saw a significant uptick lately, particularly following the launch of the protocol’s new DeFi incentive program.

Dubbed Avalanche Rush, a $180 million liquidity mining grant and airdrop program was launched with the aim of onboarding some of the best DeFi protocols to the network, Aave and Curve, just to begin with. 

Aave enables users to borrow and lend crypto while offering attractive interest on deposits, and Curve, an exchange liquidity pool on Ethereum, facilitates stablecoin trading.

We have launched on @avalancheavax!

Still work in progress (will be more), but here’s a link to ape https://t.co/Vkr1kUgyO0

— Curve Finance (@CurveFinance) October 4, 2021

The incentive followed the launch of the AB, a cross-chain bridging technology that transfers assets between blockchains. 

The Avalanche Rush, in combination with AB, is supposed to deliver strong liquidity incentives and a seamless user experience for protocols within the ecosystem.

Ad: Up to 20x margin on FTX.

Sign up

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.





Source

Tags

Share this post:

Share on facebook
Share on twitter
Share on pinterest
Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

THE ONE AND ONLY WAY TO MAKE MONEY IN AUTOMATIC EASILY!

Receive the whole procedure to be able to follow our signals in less than 2 minutes.

Follow Us

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

To access the VIP channel for free and enjoy the benefits of this exclusive channel, just follow these 3 steps:

1. Open a real account with one of our partner brokers necessarily through these links.

⚠️ Select Standard account

2. Make a deposit of at least €500 (€1000/2000 recommended) or more depending on your capital.

Double bonus as a gift! 🎁

        • 1st deposit: 50% bonus offered!
        • 2nd deposit: 20% bonus offered!

*The bonus will of course be added automatically after your deposit. ✅

3. Once done, you can send us the Screenshot of your deposit to support@signaltrading.cryptalite.com to receive the link of the VIP channel 🚀

(If you already have an account with these different brokers, you need to use another ID with another name + email).

Follow Us

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.