Aave becomes second DeFi protocol to hit $1 billion in total value locked

Aave, a non-custodial lending and borrowing protocol, has become the second decentralized finance (DeFi) protocol to hit $1 billion in total value locked.

The milestone means Aave users have deposited $1 billion worth of assets into the protocol for lending and borrowing purposes.

Source: DeFi Pulse, The Block Research

Aave recently announced version two of its protocol, preparing a suite of new features for its users including native undercollateralized loans/credit delegation, improved borrow rates, and debt trading.

Aave’s milestone follows just three weeks after MakerDAO became the first DeFi protocol to hit $1B total value locked. According to Defi Pulse, nearly $6 billion assets are currently locked in DeFi protocol.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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