• Aave has reclaimed its spot as the second-largest DeFi protocol in terms of TVL.
• MakerDAO has seen a decline in TVL since it slashed its DAI Savings Rate (DSR) by 3%.

Decentralized lending platform Aave [AAVE] has regained its position as the protocol with the second-highest DeFi TVL after a period of decline following Curve Finance’s [CRV] hack in July.

According to data from DefiLlama, Aave’s TVL currently stands at $4.72 billion, putting it just behind the Ethereum-based liquid staking platform Lido Finance [LDO]. 

Is your portfolio green? Check out the AAVE Profit Calculator

MakerDAO’s brief stint at the “top”

On 30 July, Curve Finance suffered a reentrancy hack through which an attacker exploited a vulnerability in the protocol’s code to steal about $73.5 million worth of crypto assets.

Before the hack, Curve’s founder Michael Egorov, had used some of his CRV holdings as collateral to borrow from various lending protocols, with the largest loan taken from Aave (over $100 million).

Mich confirming hacker got the large CRV pool.

That’s probably enough CRV to push Mich’s $100M+

Go to Source to See Full Article
Author: Abiodun Oladokun

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