Decentralised lending protocol Aave has surpassed $100 million in deposits on the Monad blockchain, The Block reported on Friday, citing TokenLogic.
It achieved the milestone two days after it began services on Monad.
Monad is a high-performance, EVM-compatible layer 1 built by former Jump Trading developers. It launched its mainnet and MON token on Nov. 24 last year. It touts 10,000 transactions per second and a finality time of 800 milliseconds as strengths.
The milestone is significant compared with the overall size of Monad’s DeFi ecosystem. Monad’s total value locked stood at about $359.5 million as of June 8.
The deposits included substantial subsidies. The Monad Foundation will pay $15 million in incentives over 12 months and will hold 10 million GHO for at least six months. The Aave DAO will also provide an additional 500,000 GHO.
Monad applied Aave V3.7, not the latest version. Aave V4 launched on the Ethereum mainnet in late March with a new hub-and-spoke structure.
Chi-gyu Hwang
delight@d-today.co.kr