• Aave and Compound experienced a decline in unique users and monthly deposit volume.
• Aave V3 saw a spike in TVL recently, while Compound experienced a stable uptrend.

Aave [AAVE] and Compound, the dynamic duo of lending and borrowing platforms that helped pioneer the Decentralized Finance (DeFi) movement, weathered a year of ups and downs. Despite facing what some may call a tumultuous time, how have these two powerhouses fared, particularly with the introduction of their highly anticipated V3 releases?

Read Aave (AAVE) Price Prediction 2023-24

Deposits, users fall on Aave and Compound

Based on Kaiko’s data, both Aave and Compound experienced a consistent decrease in the number of unique users since May 2022. However, Compound’s decline was more notable.

The only two months that showed a deviation from this trend were November 2022, which coincided with FTX’s collapse, and March 2023, when USDC’s de-pegging occurred.

In February 2023, user activity hit a particularly low point, with Aave V2 receiving just over 3,500 monthly users and Compound V2 attracting 1,000.

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Author: Suzuki Shillsalot

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