Aave Soars to Record $33.4 Billion in Deposits, Expands Reach with New Blockchain Integrations

By José Oramas January 02, 2025 In Aave, DeFi, Donald Trump

Source:AdobeStock

DeFi experienced a resurgence in 2024, with total value locked (TVL) surging by 150% to US$130 billion.

Aave reached a record US$33.4 billion in deposits, surpassing its 2021 peak, driven by its expansion across multiple blockchain networks.

Net deposits on the decentralised lending protocol Aave (AAVE) reached US$33.4 billion (AU$53.8 billion) setting a new all-time high for the platform and surpassing its peak during the 2021 bull market.

This comes as Aave has expanded its presence across multiple blockchain networks.

New Plans On The Horizon

In 2024 alone, Aave supported multiple layer-1s like the BNB Chain and emerging Ethereum layer-2s (L2s) like Scroll, ZKsync Era and Ether.fi.

Additionally, a recent proposal on the protocol’s decentralised autonomous organisation (DAO) discusses the possibility of expanding into emerging markets like Sonic, Mantle, Aptos and other L2s like Linea, and even Bitcoin L2s like BOB, and Spider Chain.

Aave also mentioned that Aave V4 is in the works as part of Aave 2030 Grant Proposal:

“V4 will improve modularity, reduce governance overhead, optimize capital efficiency, and include new innovations like the Hub and Spoke liquidity architecture.”

Aave

In December 2024, Aave broke all records, reaching an all-time high of US$22.3 billion (AU$35.9 billion) in TVL.

DeFi as a whole experienced a resurgence in TVL and activity following Donald Trump’s victory in the US presidential election on November 5. The win fueled optimism for a more favorable regulatory environment and pro-crypto policies under the upcoming Trump administration.

DeFi tokens rallied by up to 30% immediately after the election results, while Bitcoin reached an all-time high of US$108K (AU$174K), but has since fallen to US$95K (AU$153), according to data from CoinMarketCap.

Overall, January didn’t reverse December’s bearish trend, as the total crypto market cap plunged to US$3.2 trillion (AU$5.34 trillion).

The total value locked across the DeFi sector surged by 150% in 2024, reaching approximately US$130 billion (AU$209.3 billion), according to DefiLlama data. This growth has been driven by the rise of liquid restaking protocols like EigenLayer and the proliferation of Bitcoin DeFi products, including wrappers and Layer 2 networks.