Defi Giant Aave Rakes in $6M in Revenue as Crypto Market Plunges

Aave secured $6 million in revenue from processing on-chain liquidations.The plunge trickled down to DeFi after last week's Bank of Japan decision to hike interest rates and Friday's U.S. jobs report. Ether"Aave Protocol withstood market stress across 14 active markets on various L1s and L2s, securing $21B worth of value," Aave's Stani KulechovThe decline in crypto prices led to several liquidations on Aave, including a $7.

The total value locked on DeFi protocols is now at $71 billion having dropped from $100 billion at the turn of the month, DefiLlamain a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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