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Aave V3 Ethereum Reaches New Milestones in Less Than Six Months

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Aave’s V3 iteration on the Ethereum network has reached an important milestone, surpassing 10,000 unique user addresses in less than six months since its deployment on January 27th. V3 adoption was extraordinary, attracting $2.24 billion in deposits and facilitating $756.93 million in loans, as reported by the lending protocol.

This increased user activity has boosted the locked asset value (TVL) within Aave’s DeFi platform, resulting in growth of 60%. At the start of the year, Aave’s TVL was $3.82 billion, but has now jumped to $6.12 billion.

Aave V3 initially launched on various blockchain networks, including Polygon, Arbitrum, Avalanche, Fantom, Harmony, and Optimism, with Ethereum adoption left to be decided by a future vote. The Ethereum launch was finally supported by the community and went live 11 months later. Since then, TVL on Ethereum has skyrocketed over 300%, currently standing at $2.1 billion.

With this tremendous growth, Aave has replaced MakerDAO as the DeFi protocol with the second largest TVL, trailing only Lido Finance, which has a TVL of $14.90 billion. MakerDAO holds the second spot with $5.31 billion in assets locked up.

Since launch, the supply of wsETH (wrapped staked Ethereum) in Aave V3 has exceeded that of any other asset, with over 373,000 wsETH tokens worth $802.04 million supplied to the protocol. Interestingly, so far only a fraction, 9,720 wsETH tokens worth $20.84 million, have been borrowed. Ethereum remains the most borrowed asset, with $301.45 million disbursed loans since the V3 iteration went live.

V3 Aave has proven to be a significant player in the DeFi space, attracting a large user base and witnessing substantial growth in the value of locked assets. As the platform continues to evolve, it remains the top choice for crypto enthusiasts looking for a decentralized lending and borrowing solution on the Ethereum network.

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