Aave Becomes Second DeFi Project to Unseat MakerDAO for Most TVL

Summary (IA Generated)

Decentralized finance (DeFi) credit market Aave has pulled ahead of stablecoin mint MakerDAO for the title of most collateral staked on Ethereum, according to DeFi Pulse.

47 billion-worth of different crypto assets staked for credit lines, while MakerDAO has $1.

45 billion in total value locked (projects-with-1-2b-in-tlv-have-major-governance-issues/”>TVL).

This is only the second time that a project has had more “total value locked” (TVL) than MakerDAO, as measured by DeFi Pulse.

On June 20, fueled by a yield farming rush spurred on by the initial distribution of its governance token COMP, Compound took the lead for collateral locked up until late July.

For context, though, when MakerDAO and Compound switched positions, each had about $480 million in TVL.

In the recent surge of interest in DeFi, four projects have now broken $1 billion in assets as measured by DeFi Pulse at different times: MakerDAO, Compound, Aave and Curve.

Both Yearn and Curve’s yield farming programs have contributed to the massive spike in TVL over the past few weeks and in particular over the past week,” she wrote in an email.