However, the broader crypto-finance market might be in disagreement with the platform’s current performance.$200 Million In Market Size Unlocked On Aave Lido Finance, a crypto staking platform, recently onboarded the platform’s Lido V3 market instance, custom-made for Aave which is tailored to Lido’s staked Ethereum (stETH) and wrapped staked Ethereum (wstETH).
AAVE, the namesake token of the platform, surged to nearly 20% in the past 24 hours, capturing the momentum of the broader market which is still up by over 5% since yesterday. Related Reading: Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up Aave’s recent developments also contributed to this rally.
However, the main functions of DeFi such as staking, lending, and cross-chain bridges saw a huge decrease in TVL, totaling over $8 billion. The value that left these sectors returned in the form of restaking in other platforms or to basis trading protocols that saw a whopping 154% increase in TVL in Q2. This decrease in lending activity also translated to the assets on the platform.
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