DeFi in VR, Governance on testnet, and EMI license!
Hello Aave Community!
There’s only one word that truly encapsulates August: AAVESOME! We finally reached #1 on defipulse, and we could not have done this without you all—you are #1 in our hearts <3
Today there is $1.8B locked in the protocol, an incredible milestone and crazy growth since last month. We loved witnessing cool new products being built on Aave, seeing you all at events, and getting to share some big news about our UK entity’s electronic money authorization. We’re moving closer towards our goal of being able to onboard the mainstream to DeFi by bringing the FinTech world and DeFi world closer together.
Thank you for being with us on this journey!
Technical & Development Updates
Whew, where do we start?
The first Credit Delegation on Aave Protocol happened, with DeversiFi as the borrower! This was all sorted out with a legal agreement using OpenLaw.
Aave Governance arrived on the Ropsten testnet! Go test it out for yourself and vote on some AIPs.
We also announced the new features to be expected with Aave V2, including gas optimizations, private markets (hello RealT and mortgages on Ethereum), fixed rate deposits, and many more.
And oh my! YFI is the 20th asset to be added to the Aave Market!
Events & Community
August was JAM PACKED with events! Stani was on the OKEx DeFi Roundtable where he shared his insights on innovation in DeFi lending. He also joined TomoChain’s “Defining DeFi” series with some blockchain experts and DeFi Conference 2020. Isa introduced Aave at the Women In Ethereum Lightning talk event, and Pablo joined Nadia from MakerDao on a Binance Spain panel (this ones for you Spanish speaking Aave Fam!).
Aave hosted our first DeFi VR event, with a kickass panel on “Scalability with Layer2: How do we preserve composability and synergies?” with panelists from DeversiFi, OpenLaw, and Balancer moderated by Spencer Noon. Nothing better than hanging out with the DeFi crew in a VR discotheque with a proper DJ for that social interaction we’ve all been missing. Watch the full video here!
DJ Illuminatty in the house
Aave Gang: Alexandra, Emilio, Irene, Isa (left to right)
Pablo and Irene
Don’t Miss Out On:
This PANews video podcast starring Stani
This Reuters article on crypto lending
The Block article diving into what the EMI license means for Aave
This Coindesk article on Credit Delegation
The month of August has seen deposits on Aave more than double taking the protocol to $1.5B of available liquidity. The partnership between Aave and Yearn consolidates with the listing of YFI which raised over $150m of liquidity in a few days.
The month of August has also witnessed 95% of the liquidations with a total of $44 million liquidated.
During the month of August, the growth of the protocol was reinforced by more peaking from the 8th to the 15th with the liquidations of:
- $36m of loans with USDC as collateral
- $37m with LINK as borrow
Liquidators have secured $2.5m of liquidation bonuses, shared among 266 different addresses with only 43 that have liquidated amounts greater than $1,000.
The top 10 liquidators share a $2.2m pie.
One liquidator has made over $300k with liquidating only $22k at a time (on average).
Join the Aave liquidators! Anyone can from the DApp on https://app.aave.com/liquidations .
We’ve also added a new Liquidations section to our documentation to encourage more liquidators to join: https://docs.aave.com/developers/tutorials/liquidations
Join us and stay tuned...
In September, catch us at the Chainlink Virtual Hackathon, Blockchain Summit Global, and many more.