Net deposits at DeFi protocol Aave surpass $34bn

Over the past 30 days, net deposits on Aave reached $34.35bn, a new record among lending protocols.

The platform has been the consistent leader in DeFi Llama’s lending category. The project’s TVL stands at about $21bn; by comparison, the nearest rival — JustLend — is at $6.06bn.

In 2024 Aave added support for several networks, including BNB Chain, Scroll and ZKsync Era.

If approved by the community this year, developers may also integrate Sonic, Mantle, Linea, the Bitcoin-based L2 BOB, Spider Chain and Aptos. 

The DeFi segment picked up markedly after Donald Trump’s victory in the presidential election on November 5. This is largely linked to optimism in the community, expecting a more favourable regulatory environment for cryptocurrencies in the United States.

Net deposits are the difference between the total value users have deposited and the value of coins withdrawn from the protocol over a given period. The metric helps assess overall capital inflows or outflows.

Positive net deposits indicate rising confidence in the project, when more funds are added than withdrawn.

In 2023 Aave’s developers launched the decentralised stablecoin GHO, allowing users to borrow the asset against crypto collateral. The team later added support for the Arbitrum L2. 

In May 2024 Aave Labs unveiled the roadmap for the protocol’s fourth version.