According to DefiLlama, the newly launched Aave V3 on Ethereum has a TVL of around $531 million, just days after launch.
Aave, a decentralized financing project that allows its users to lend or borrow funds, voted for the creation of Aave V3. The upgrade would be built on the Ethereum blockchain, which would mark critical access to new markets and community users that hope to benefit from Aave and Ethereum.
The new Aave V3 would focus more on reducing user risks whiles providing higher rewards on their staked currencies and derivatives. The project would also optimize gas fees which would result in a 20 – 25% reduction of gas fees across all transactions.
With Ethereum’s Shanghai upgrade and Aave’s V3, Users would now be able to fully capitalize on their assets on Ethereum’s Blockchain, with less fear of loss by utilizing the high-efficiency mode or eMode.
Its been three days since launch, and the project is already experiencing major attention and growth. Though its figures are still below Aave V2, it’s currently amassing a TVL of around $531 million, managing stable currencies such as USDC, BUSD, and DAI.
As of the time of writing, the highest locked currency is $139 million worth of USDC which accounts for 26.5% of the TVL followed by BTC.B and WETH.
Aave v3 is NOW LIVE on the Ethereum mainnet and at DeFi Saver!🥳
— DeFi Saver (@DeFiSaver) January 27, 2023
Added to the major increase in TVL, DeFi Saver, and advanced tool for DeFi management announced on the 27th of January 2023, that Aave V3 was live on their platform.
The users would have access to Aave V3’s eMode, gas optimization, and isolation mode with all the digital forensic tools they would need. This would allow them to create leveraged positions instantly in 1 transaction, migrate between V2 and V3 of Aave, boost and replay and finally close positions.
They have custom access to go from ETH to wstETH/ETH, and the leveraged staking position is available in eMode, allowing for a massive staking reward. Users are also allowed to both boost and migrate their wstETH/ETH positions between V2 and V3.
The migration from Aave V2 to V3 isn’t restricted to wstETH/ETH alone. Users can instantly move all their collaterals and debts if sufficient liquidity is available.
In the near future, users would be expecting the highly anticipated Gho.eth ($GHO) launch, and automation for the Aave V3 would be launching on DeFi Saver by next week.