Aave proftis $6 Million Amid Crypto Market Sell-Off, DeFi Faces Turmoil

Aave  proftis $6 Million Amid Crypto Market Sell-Off, DeFi Faces Turmoil

The founder of the decentralized finance (DeFi) protocol Aave reported that the platform generated $6 million in revenue during Monday's significant crypto market sell-off. This downturn followed last week's Bank of Japan decision to increase interest rates and Friday's disappointing U.S. jobs report. Over the past 24 hours, Ether (ETH) has fallen more than 20%, while Aave (AAVE) has seen its market cap shrink by 23.7%.

The market turmoil resulted in over $1 billion being liquidated across crypto derivatives markets, with an additional $350 million liquidated on DeFi protocols, according to Parsec Finance. Despite the broad market declines, Aave managed to withstand stress across 14 active markets on various Layer 1 and Layer 2 platforms, securing $21 billion in value. As Aave’s Stani Kulechov highlighted on X (formerly Twitter), "Aave Protocol withstood market stress across 14 active markets on various L1s and L2s, securing $21B worth of value," and the Aave Treasury earned $6M in revenue from decentralized liquidations that helped keep the markets safe.

Among the liquidations, a notable $7.4 million wrapped ether (WETH) position was liquidated, generating $802,000 in revenue for Aave, as shown by on-chain data. The Total Value Locked (TVL) in DeFi protocols has decreased to $71 billion from $100 billion at the start of the month, according to DefiLlama data.

This recent volatility underscores the fragility of the DeFi sector amidst broader crypto market shifts, even as platforms like Aave continue to capitalize on market dynamics.

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