Aave’s Monad Market Tops $100 Million in Deposits Within Two Days
Summary
- Aave said deposits in its lending market on the Monad network reached $100 million in two days, accounting for more than a quarter of Monad’s overall DeFi ecosystem.
- Aave said it deployed V3 on the Monad network, introducing lending and borrowing functions and the GHO stablecoin to the chain for the first time.
- The Aave Labs CEO said Ethereum mainnet V4 deposits topping $250 million marked growth toward $1 billion and reflected expectations for expansion in crypto-collateralized lending and securities-backed lending.
Forecast Trend Report by Period
A lending market launched by decentralized lending protocol Aave on the Monad network topped $100 million in deposits within two days of its debut.
The Block reported on July 5, citing on-chain analytics firm TokenLogic, that deposits in Aave’s Monad market surpassed $100 million earlier that day. Aave deployed V3 on the Monad network on July 3, introducing lending and borrowing functions and its native stablecoin GHO to the chain for the first time.
The market recorded $75 million in deposits in its first 24 hours and exceeded $100 million within two days. That is equal to more than a quarter of Monad’s entire decentralized finance, or DeFi, ecosystem.
“Aave is the lending standard institutions trust,” Keone Hon, co-founder and general manager of the Monad Foundation, said. “This deployment brings Ethereum’s core liquidity infrastructure onto a faster chain.”
Separately, Aave V4 had surpassed $250 million in deposits on the Ethereum mainnet as of July 5. “It’s an amazing milestone for Aave,” Aave Labs founder and Chief Executive Officer Stani Kulechov said, adding that he expects the protocol to grow toward $1 billion through expansion in crypto-collateralized lending and securities-backed lending.
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