Decentralized finance protocol Aave generated over $6 million in revenue amid a crypto market crash. Stani Kulechov, founder of Aave, announced this on X, crediting the DeFi protocol’s resilience.
During a steep market decline where Aave’s price fluctuated from $117 to $79, the protocol secured $21 billion in value. The market turbulence was marked by massive liquidations across various cryptocurrencies.
Aave’s revenue spike resulted from extensive liquidations, including a significant $7.4 million wrapped Ether transaction. This alone earned Aave $802,000 in revenue.
Kulechov remarked, "Aave Protocol withstood market stress across 14 active markets on various L1s and L2s, securing $21B worth of value." Aave’s treasury saw a revenue influx of $6 million from decentralized liquidations.
While DefiLlama data shows Aave’s treasury holding assets worth over $119 million, the crypto price pullback has reduced the total value locked on Aave to around $16.8 billion, a 27% decrease over the past week.
Crypto liquidations surpass $1 billion
Crypto traders saw over $1.2 billion in liquidations within 24 hours. Long liquidations led, with $956 million, followed by bearish bets totaling $265 million.
Coinglass data reported that more than 307,000 traders were liquidated amid market declines. The largest single liquidation order was $27 million on Huobi.
