Aave set a new record with $33.4 billion in total deposits in 2024, surpassing its previous peak. The protocol has strengthened its position in the DeFi sector by expanding its integration with different blockchain networks. As of 2024, the DeFi sector as a whole will grow by 150 percent to reach $130 billion, with Aave being among the protocols that benefited the most from this growth.
In 2024, Aave expanded its reach by integrating Layer-1 networks such as BNB Chain and Layer-2 networks such as Ethereum-based Scroll, ZKsync Era, and Ether.fi. These integrations allowed it to attract more users and liquidity. The protocol also made important decisions on its decentralized autonomous organization (DAO) in 2024. It evaluated the possibilities of expansion with popular Layer-1 networks such as Sonic, Mantle, Aptos, and Bitcoin-based Layer-2 networks such as Linea, BOB, and Spider Chain.
Aave also continued its work on the Aave V4 protocol as part of the 2030 Grant Proposal. The new version aims to increase capital efficiency and simplify the management process by improving its modular structure. In addition, the “Hub and Spoke” liquidity architecture is expected to be offered to users with V4.
The DeFi industry had a productive year in 2024. The total value locked (TVL) increased by 150% to $130 billion. The popularity of liquid re-staking protocols like EigenLayer and Bitcoin-based DeFi projects were major drivers of this growth. Aave’s total value locked reached $22.3 billion as of December 2024, reaching its highest level in history. This revival in the DeFi market was further accelerated by expectations of a favorable regulatory environment in the US.
Donald Trump’s victory in the presidential election in November created a positive atmosphere in the cryptocurrency market. However, the total cryptocurrency market value fell to $3.2 trillion as of January 1, 2025. Despite this, projects like Aave have continued to grow and are expected to continue to lead the industry in the future.
