- AAVE’s TVL maintains steady declines alongside fees and generated revenue.
- Whales continue to indicate an interest in Aave, triggering upticks in daily active wallets.
The Aave protocols saw a substantial uptick in active borrows within the past few months. That’s according to reports from Messari, a leading cryptocurrency analytics company. Moreover, Aave performed better than its rivals, including Optimisssand other layer1 altcoins in this category.
Messari chart shows AAVE’s active borrows saw a massive uptick in October. The upside moves confirmed growth in Arbitrum’s economy. The protocols saw this growth even as it lacked a liquidity mining suite, suggesting organic growth.
Though the surge in active borrows, the narrative wasn’t the same in AAVE’s TVL. The crypto’s total value locked recorded gradual plummets within the last few months. Moreover, it dropped from September’s $6.19 billion to press time of $4.7 billion (DeFiLlama data).
Also, the previous month saw declines in Aave’s expenses and collected revenue. While publishing this blog, the asset’s income and fees, within the past 24 hours, hovered at $28,581 and $209,282, respectively.
Some Hope? Probably Not
Santiment’s data shows Aave Network’s active addresses recorded an upsurge. Moreover, the daily activity noted a tremendous increase in October. Unlike the crypto’s 24hr addresses, Aave’s development activity slumped within the last few weeks.
That would suggest decreased developer contribution on the asset’s GitHub. The plummeting development activity didn’t scare large investors, with interest from whale investors recording an uptick.
Moreover, the supply by top wallets noted increments within the last few weeks. AAVE price maintained downtrends regardless of these positive indications. While publishing this blog, the alternative token changed hands near $67.35, depreciating by 18.64% over the past day (Coinmarketcap data).
Meanwhile, its volume gained 33% in that timeframe, whereas AAVE had a 0.11% share of the overall market during this publication.
AAVE’s plunge within the previous day emerged as the broad crypto space endured a bloodbath. Bitcoin suffered a massive slump over the past day, losing 9.25% to change hands near $16,692 during this publication. The cryptocurrency market remains susceptible to further price dips.