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Lending Protocol Aave Finds Traction on Avalanche

Posted by
Robert Hoogendoorn

Served over 10.000 unique wallets since launch

Lending protocol Aave is finding an audience on Avalanche, one of its latest product launches on EVM-compatible blockchains. Since the lending platform launched on Avalanche, the service attracted 10.000 unique wallets. 

On Aave users can provide liquidity, which the platform then uses to lend money to other users. On the platform borrowers need to provide collateral, while those providing the money receive AAVE as a reward. So far, Aave on Avalanche attracted more than 10.350 unique active wallets, altogether good for 125.290 transactions. 

Aave just launched on Avalanche on October 4th, but of course, builds on its reputation. Arguably Aave is one of the most prominent protocols on the Ethereum blockchain, having more than $12 billion locked in its smart contracts. In addition, Aave launched in April on Polygon where it has a TVL of $1.75 billion. 

Like the rest of the Polygon blockchain, the TVL of Aave on that particular blockchain has seen quite some decline. In June Aave had a TVL of $3.5 billion, and now has steadily been moving between $1.5 billion and $2 billion. Whether Aave of Avalanche will see a similar decline, remains to be seen. 

AAVE token 

The launch of Aave on the Avalanche blockchain has not had lots of influence on the AAVE token pricing yet. In the days before the launch, the price went up from $260 to $313, only to slowly decline to its current value of $286. You can swap MATIC for AAVE using the DappRadar Token Swap service. 

As lending services on the blockchain gain ground as valid options for investors, Aave is poised to benefit. The fact that Aave has embraced a multi-chain paradigm, and offers its services on blockchains away from the expensive Ethereum ecosystem benefits the product as whole. As a matter of fact, even though Aave isn’t the biggest DeFi protocol on the Polygon blockchain, it doubled its number of users in the past 7 days to more than 12.810 unique active wallets. 

Polygon DeFi Rankings (Source: DappRadar)

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