Aave Protocol (LEND), one of the flagship instruments of the ongoing DeFi craze, celebrated another significant milestone. As reported by Aave's CEO and Co-Founder Stani Kulechov, its total protocol market size has reached the ten-digit zone.
Three Commas Club
In a recent tweet, Mr. Kulechov noticed that the total protocol market size (combined U.S. Dollar equivalent of all locked assets) surpassed $1 Billion. This milestone was achieved amidst meaningful technological progress announcements.
@AaveAave is now Billy Protocol! We reached 1B market size! Composability feat. @AndreCronjeTech @CurveFinance 😍 pic.twitter.com/pSkP1GNJGi— stani.eth 👻 (@StaniKulechov) August 14, 2020
On August 14th, the Aave Protocol Team introduced the AAVE V2, a second iteration of the popular protocol. According to the blog post by Ethereum (ETH) contributor Marc Zeller, Aave's Protocol Integrations lead, a new version of the Aave Protocol will have an advanced design and functionality:
As expected, Aave V2 will continue to push the limits of what is possible with Decentralized Finance.
For instance, the new lending/borrowing process features will provide Aave customers with a cutting-edge DeFi experience. Private markets, collateralized repayment, and an upgraded stable borrow rate mechanism will be implemented into AAVE V2.
In terms of governance, Aave Protocol is betting on further decentralization. As covered by CryptoComes, Aave launched a decentralized governance environment on the Ropsten Ethereum testnet. Community members have been invited to participate in referendums on the Aave Improvement Proposals (AIPs).
Will Aave Protocol (LEND) Remain a Leader of DeFi Run?
Numerous researchers from various organizations such as from the leading independent analytical firm Coingecko, have mentioned Aave Protocol and its native asset among the leaders of the DeFi craze.
The Aave Protocol Token (LEND) has witnessed an unprecedented upswing in Q2 2020. It managed to surge 712% during the first half of this turbulent year. Accompanied by Synthetix Network Token (SNX), LEND demonstrated two triple-digit monthly gains in a row.
Aave has also integrated well with the DeFi ecosystem. It served as a launch pool for the Bancor V2 multi-asset liquidity protocol.
Chainlink (LINK) oracles are used as data suppliers for this integration. LINK oracles will broadcast LEND/ETH and BNT/USD rates with low latency to ensure the accuracy of Bancor operations.