Deposits on Aave's newly launched Monad market surpassed $100 million on Saturday morning, according to TokenLogic on X, roughly two days after the lending protocol went live on the network.
Aave (AAVE), the largest decentralized lending protocol, deployed V3 on Monad on Thursday, bringing lending, borrowing, and its GHO stablecoin to the chain for the first time. The market launched with support for 12 assets, including USDT0, USDC, GHO, WETH, and Coinbase's cbBTC.
Deposits topped $75 million within the first 24 hours, Aave said Friday.
Monad (MON) is the high-throughput, EVM-compatible Layer 1 network built by former Jump Trading developers that launched its mainnet and MON token on Nov. 24 of last year. The network claims 10,000 transactions per second and 800-millisecond finality.
The early inflows are substantial relative to the size of Monad's DeFi ecosystem. The entire network held about $359.5 million in total value locked as of June 8, according to a LlamaRisk assessment posted to Aave's governance forum, meaning the new Aave market attracted the equivalent of more than a quarter of that figure in two days.
