Aave: A look at how the lending protocol went last week

members of avi [AAVE] The community voted in favor of a motion to pause ETH lending on the platform. In a vote that took place between August 30 and September 2, members were in favor of stopping due to the merger.

Blockchain analytics platform Messari found that despite the shutdown, major ecosystem metrics registered growth on September 5 and 11. This development was highlighted in a recent post Aave Weekly Report.

The ‘Stealth’ protocol has seen some growth

Also, despite stopping at the ETH metaphor, my path It found that total ETH usage increased by 9.3% between September 5th and 11th. This was due to users of the protocol obtaining ETH loans in other ways.

These included the Aave 3 and Aave 2, scattered on the Polygon and Avalanche chains. Additionally, the protocol’s ETH revenue increased by 80% over the same period.

For key ecosystem metrics, Aave saw 5.4% growth in liquidity on the platform. Between September 5 and 11, the Lending Protocol’s liquidity grew to $10.8 billion from the $10.3 billion recorded between August 29 and September 4.

Additionally, total revenue between September 5 and 11 was $3.5 million. This represents a 28.1% increase in total revenue from the $2.7 million recorded in total revenue between August 29 and September 4.

During the review period, encapsulated Ethereum (WETH) was the most used asset class in the lending protocol. Other assets topped the list with a utilization rate of 67.7%. This was a 16% increase in the usage rate from the 58.4% recorded in the same period.

Of all the assets listed on Aave, WETH generated the most revenue during the reporting period. This was followed by USDC, which recorded total revenue of $722,000 between September 5 and 11. With a share of 32.7%, USDC has the highest share of deposit balance per token on Aave.

Source: messari

What about AAVE?

According to the information received from CoinMarketCap, the protocol’s original token managed to grow prices by 3% during the period reviewed. At the time of writing, AAVE is trading at $91.22. AAVE’s price is down 1% over the past 7 days.

In the last 24 hours, the price of AAVE is down 2%. However, data from CoinMarketCap revealed a significant increase in trading volume over the same period.

It is up 66% at the time of writing. This type of difference between the price of an asset and its trading volume usually indicates buyer stress. Therefore, a further drop in prices is imminent.

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