|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Aave Protocol Withstood Market Stress, Secured $21B Worth of Value Amid Bloodbath
Aug 06, 2024 at 12:35 am
Stani Kulechov, founder of Aave (AAVE), said in a post on X on Aug. 5 that the DeFi protocol secured the revenue after navigating the crypto market
Aave (AAVE) generated more than $6 million in revenue as crypto prices plummeted on Monday, revealing the strength of decentralized finance protocols in navigating market downturns.
Stani Kulechov, founder of Aave, highlighted the protocol's performance in a post on X on Aug. 5. Aave's revenue generation comes as crypto prices plunged on Monday, with investors left reeling from the sharp downturn. Aave, which traded higher to hit $117 on Aug. 2, saw its lows of $79 on Aug. 5 amid a crypto crash.
Aave protocol helped secure $21 billion in value amid the bloodbath, Kulechov noted, adding that the network was rewarded with $6 million in revenue.
Aave's revenue surged amid the massive liquidations witnessed across the market as Bitcoin's (BTC) plunge to below $50k pulled altcoins lower. Aave also saw a series of such transactions, with one involving $7.4 million in wrapped Ether (WETH), which resulted in $802,000 in revenue for the DeFi protocol.
“Aave Protocol withstood market stress across 14 active markets on various L1s and L2s, securing $21B worth of value,” Kulechov said. “Aave Treasury was rewarded with $6M in revenue overnight from decentralized liquidations for keeping the markets safe.”
According to DefiLlama, the Aave treasury currently holds over $119 million in assets. However, pullbacks in crypto prices saw the total value locked on Aave drop to around $16.8 billion, down 27% in the past week.
Crypto liquidations cross $1 billion as market mirrors stock declines
Crypto traders with massive bullish bets on digital asset derivatives have seen more than $1.2 billion liquidated in the past 24 hours.
Of the total liquidations, long liquidations account for the largest share at $956 million, while bearish bets currently stand at $265 billion. According to Coinglass data, more than 307,000 traders liquidated as the market mirrored declines across stocks.
The market's single largest liquidation order, amounting to $27 million, was recorded on Huobi.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- BitMEX Co-Founder Arthur Hayes Sells 350K PENDLE Tokens at a $790K Loss
- Sep 21, 2024 at 12:25 am
- In a significant trading blunder, BitMEX co-founder Arthur Hayes has sold 350,000 Pendle PENDLE/USD tokens worth approximately $1.26 million
-
- Bitcoin (BTC) Price Predictions: Analyst Michaël van de Poppe Anticipates New All-Time High (ATH) in October
- Sep 21, 2024 at 12:25 am
- Renowned crypto analyst and trader Michaël van de Poppe has shared his insightful analysis of Bitcoin's future. Earlier today, he tweeted and explained that the BTC price is following the plan
-
- Polkadot and AI Companions Falter, While BlockDAG Testnet Launch Drives Presale to $73.5M
- Sep 21, 2024 at 12:25 am
- In recent crypto news, Polkadot and AI Companions have been making waves, though for less favorable reasons. Polkadot has hit a 12-month low, and AI Companions experienced a 13% drop in price. But while these coins face uncertainty, BlockDAG is gaining momentum with its recent Testnet launch.
-
- The Royal Canadian Mint Issues Its Newest Gold Maple Leaf (GML) Bullion Coin Completely Sourced From a Single Mine
- Sep 21, 2024 at 12:25 am
- The Royal Canadian Mint is issuing its newest Gold Maple Leaf (GML) bullion coin completely sourced from a single mine and it will offer Costco Canada
-
- Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT) Experience Whale Activity Surges
- Sep 21, 2024 at 12:25 am
- Over the past day, Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT) have experienced significant surges in crypto whale activities.
-
- Claiming Mastery: Dominate the $UNI Airdrop
- Sep 21, 2024 at 12:25 am
- UNISWAP Airdrop Step-by-Step Guide: How to qualify for UNISWAP Airdrop?
-
- MicroStrategy Completes $1.01 Billion Upsized Offering of Convertible Notes to Acquire More Bitcoin
- Sep 21, 2024 at 12:25 am
- MicroStrategy, the company led by Michael Saylor, has taken a significant step in its Bitcoin accumulation strategy by recently completing a convertible senior notes offering that has raised a total of $1.01 billion.
-
- XRP Whales Accumulate $228M, Investors Wait For A Big Move
- Sep 21, 2024 at 12:25 am
- XRP has shown remarkable resilience recently, maintaining its position above a critical support level, though a significant price move still looms.
-
- GoodEgg (GEGG): The AI-Powered Social Dating Meme Coin That's Shaking Things Up
- Sep 21, 2024 at 12:25 am
- The world of cryptocurrency is always evolving, and the latest trend in AI-powered tokens is capturing significant attention. GoodEgg (GEGG), an AI-based social dating meme coin, is attracting some of the biggest investors from the Artificial Superintelligence Alliance (FET) community.