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DeFiLending

State of Aave Q2 2023

Kentrell KeyJul 19, 2023 ⋅ 12 min read

Key Insights

  • Aave recently launched GHO, its native over-collateralized stablecoin. GHO offers enhanced configurability while enabling the protocol to retain 100% of the interest revenue.
  • Interest revenue in Q2 increased by 14% QoQ to $2.6 million, largely driven by activities on Ethereum Mainnet.
  • BGD Labs introduced the concept of Aave Forest, a proposed framework for enhancing protocol security.
  • Q2 showed a decrease in usage on Aave, with active borrowers and depositors dropping 45% and 54%, respectively.
  • The leveraged stETH-ETH strategy consistently provided the highest yields across Aave’s Layer-2 deployments.

Primer on Aave

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Kentrell Key

16 ReportsPortKey256

Prior to joining Messari, Kentrell worked in real estate finance. After first diving into crypto in 2019, he became fascinated with DeFi in 2020, drawn to its data transparency, real-time settlement capabilities, and high yields. Today, Kentrell spends his time researching more sustainable yield strategies and writing about DeFi protocols at Messari.

Outline
  • Key Insights
  • Primer on Aave
  • Key Metrics
  • Performance Analysis
  • Qualitative Analysis
  • Closing Summary
Author
Kentrell Key
Prior to joining Messari, Kentrell worked in real estate finance. After first diving into crypto in 2019, he became fascinated with DeFi in 2020, drawn to its data transparency, real-time settlement capabilities, and high yields. Today, Kentrell spends his time researching more sustainable yield strategies and writing about DeFi protocols at Messari.
16 ReportsPortKey256