Stani Kulechov, the founder and CEO of Aave, announced on August 22 that total deposits on the Aave protocol have crossed $30 billion, a milestone that arrives with a pointed three-word editorial: “liquidity is back.”
The figure represents a 30% increase in deposits for the third quarter of the year.
What the numbers say
To understand the $30B deposit figure, it helps to separate two metrics that often get conflated. Total deposits on Aave count every asset supplied to the protocol, including capital that has been borrowed against and redeployed. DeFiLlama’s Total Value Locked reading, which sat around $17.6B as of mid-August, uses a different methodology, netting out borrowed amounts and applying its own chain coverage and asset inclusion criteria.
Active loans on the protocol are running at roughly $10B, which means a meaningful portion of that deposited capital is already doing work inside the ecosystem.
