{"id":88798,"date":"2024-08-06T09:46:56","date_gmt":"2024-08-06T13:46:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=88798"},"modified":"2024-08-06T09:52:21","modified_gmt":"2024-08-06T13:52:21","slug":"aave-nets-6m-in-revenue-amid-crypto-plunge","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/aave-nets-6m-in-revenue-amid-crypto-plunge\/","title":{"rendered":"Aave Nets $6m in Revenue Amid Crypto Plunge"},"content":{"rendered":"\n

The decentralized finance protocol Aave <\/a>managed to earn over $6 million despite the sharp decline in cryptocurrency values.<\/p>\n\n\n\n

\"Aave
Aave Nets $6m in Revenue Amid Crypto Plunge<\/figcaption><\/figure>\n\n\n\n

The founder of Aave, Stani Kulechov, stated in a post on X on August 5 that the revenue was secured via the DeFi protocol following the Monday drop in the cryptocurrency market\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> that left investors reeling. <\/p>\n\n\n\n

Aave had increases in price to $117 on August 2 and lows of $79 on August 5 due to a cryptocurrency crash. <\/p>\n\n\n\n

Kulechov claims that while the network received $6 million in revenue, Aave secured $21 billion in value among the carnage. <\/p>\n\n\n\n

Aave's revenue increase coincided with the widespread market liquidations<\/a> that occurred as altcoins fell due to Bitcoin's decline to less than $50k. <\/p>\n\n\n\n

Aave also witnessed a number of these transactions, one of which brought in $7.4 million in wrapped Ether (WETH) and brought in $802,000 for the DeFi protocol.\u00a0<\/p>\n\n\n\n

“Aave Protocol withstood market stress across 14 active markets on various L1s and L2s, securing $21B worth of value,” Kulechov noted. <\/p>\n\n\n\n

\n

“Aave Treasury was rewarded with $6M in revenue overnight from decentralized liquidations for keeping the markets safe.”<\/p>\n<\/blockquote>\n\n\n\n

The Aave treasury presently has assets valued at about $119 million, according to DefiLlama data. The entire value locked on Aave has decreased by 27% in the last week to around $16.8 billion, despite declines in cryptocurrency prices. <\/p>\n\n\n\n

Cryptocurrency Sales Exceed $1 billion<\/h2>\n\n\n\n

In the last 24 hours, more than $1.2 billion has been liquidated by cryptocurrency traders who made large, bullish wagers on digital asset derivatives<\/a>. <\/p>\n\n\n\n

With $956 million, long liquidations make up most of the rekt positions, while bearish bets total $265 billion. <\/p>\n\n\n\n

More than 307,000 traders liquidated as the market mimicked stock falls, according to Coinglass statistics. The market\u2019s single largest liquidation order, $27 million, occurred on Huobi.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The decentralized finance protocol Aave managed to earn over $6 million despite the sharp decline in cryptocurrency values. The founder of Aave, Stani Kulechov, stated in a post on X on August 5 that the revenue was secured via the DeFi protocol following the Monday drop in the cryptocurrency market that left investors reeling. Aave […]<\/p>\n","protected":false},"author":43,"featured_media":88799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1104,1821,21135],"class_list":["post-88798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aave","tag-cryptocurrency-market","tag-decentralized-finance-protocol"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/croc_1722951274793.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=88798"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88798\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/88799"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=88798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=88798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=88798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}