Aave, the largest decentralized lending protocol, added 1,806 new wallets on Ethereum in a single day on June 30. That’s the highest daily wallet count the protocol has seen since October 2021, back when DeFi summer’s afterglow was still warm.
The on-chain analytics firm Santiment flagged the milestone, which coincided with a roughly 9% weekly gain for the AAVE token to around $86.94. Some exchanges reported gains as high as 23% depending on the timeframe.
What’s driving the wallet surge
Aave launched its V4 upgrade on Ethereum mainnet on March 30, introducing what the team calls a “hub-and-spoke” liquidity architecture. Instead of having liquidity siloed across different pools and chains, V4 routes capital more efficiently through a central hub.
The broader liquidity environment is helping too. The stablecoin supply across the crypto sector hit $314 billion as of mid-June, providing a deep pool of capital looking for yield.
