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Aave Dominance Above 15% in the DeFi Market

CryptocurrencyJul 05, 2021 05:30AM ET
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Aave Dominance Above 15% in the DeFi Market

  • Aave now dominates the DeFi market by over 15%.
  • Aave currently has a market cap of over $3,497,354,070
  • Also, Aave currently ranks fourth based on DeFi market cap size.

DeFi protocol AAVE now dominates the DeFi market by over 15% according to DeFi Pulse.

In addition, at the time of writing, Aave had a total value locked (TVL) of US$10.54 billion, with 4.7 million in ETH and 303.5k in BTC.

To clarify, Aave launched in 2017 with an aim to explore Ethereum’s potential to disrupt the financial sector. In fact, Aave initially launched as ETHLend and had a $16.2 million initial coin offering (ICO).

Aave founder Stani Kulechov wanted to create a platform that could connect crypto lenders and borrowers. ETHLend’s goal was to matching loan requests to specific offers. However, due to the 2018 crypto market crash ETHLend rebranded to Aave.

Aave differs from ETHLend in that Aave uses a liquidity pool system instead of individually matching lenders and borrowers. In addition, the Aave algorithm deter...

This article was first published on coinquora.com

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Aave Dominance Above 15% in the DeFi Market
 

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