Aave News: Rewards Down, Heads Down, Resiliency Up 👀

A recap of the Aave ecosystem, June 21st to June 27th 2021

Jun 28, 2021

Welcome to Aave News 👻 A direct injection of the latest and greatest in the Aave ecosystem.

🚨🚨 Handle information with care 🚨🚨

State of the protocol 📰

Matic moves. As usual, @RaphaelSignal gives an awesome rundown of Aave's metrics on Polygon. The thread focuses on the impact the 95% reduction in rewards has had. While TVL and revenue understandably declined, the protocol showed resiliency and even saw an increase in average daily users.

Raphael @RaphaelSignal

1/ On week 24, daily $MATIC rewards dropped ~95%. This week, our analysis on $AAVE is a bit different, focusing on reward impact. Ultimately, we will use it as a proxy for Polygon network effects. Analysis concentrates on revenues and introduces user metrics for 1st time!

Mainnet moves. Another sign of Aave's resiliency is an increase in monthly borrowing volume in June. This is even more impressive considering the recent decline in prices. Browse more of Token Terminal's metrics for Aave here.

Token Terminal @tokenterminal

📊 Monthly average borrowing volume on @AaveAave. Aave 101: 1. Lenders supply assets to Aave 2. Borrowers take out these assets & pay interest on them 3. The interest payments are split between the lenders & the AAVE protocol (token holders)

For more performance metrics, Aave's own @A_BertoG drops a weekly breakdown of protocol performance on the governance forum.

Ecosystem 🧉

Gitcoin hackathon. We are stoked to be sponsoring three bounties, worth 15,000 USDC, as a part of Gitcoin Round 10. Read the full challenge statement and make a submission. At the time of Aave News being uploaded today, there is still over 1 week before the hackathon ends!

Aave Grants DAO @AaveGrants

Challenge description: 1. Integrations like building a lending product on top of Aave 2. Growth such as a credit delegation dashboard or bringing RWA (Real world assets) into Aave/Aave Pro 3. Analytics building an Aave transaction explorer

Governance ⚖️

Aave on Snapshot. Gasless voting is live for Aave governance participants on both Ethereum and Polygon. Shout out to @Monetsupply for making this happen 🥳

It is still unclear how exactly the community will utilize Snapshot, but there are many possibilities outlined in the proposal and more use cases will likely arise over time. To encourage participation and experimentation, the threshold for submitting a proposal is low (one AAVE or the equivalent of your favourite staked variety), so submit a proposal if you have an idea that would benefit the protocol! Who will be the first user to make a non-test proposal!?

monetsupply.eth @MonetSupply

Big news for @AaveAave governance: 🥳 We now have an $AAVE @SnapshotLabs voting space! snapshot.org/#/aave.eth Here are some TL;DRs on the forum post below 🧵 (1/6) governance.aave.com/t/announcement…

governance.aave.comAnnouncement: Aave Snapshot SpaceHello fellow Aavengers :) I have exciting news to share with the community: Aave now has a Snapshot space! You can access the new Snapshot and take a look around here. I’ll share some of the features and potential use cases below. What is Snapshot? Snapshot is a gasless, off chain voting mechani…

New market watch 💹

RAI update. RAI was added to the Aave v2 money market after a vote passed last week. RAI saw high utilization right away and has continued growing, sitting at 87.09% at time of posting.

Ξmilio Frangella @The3D_

$RAI borrowing demand pretty strong on @AaveAave

There have also been attractive lending rates for depositors. Stani noted that 25% of the total RAI supply was in Aave yielding around 20 %. This has grown and is now up to 21.32%.

stani.eth 👻 =(⬤_⬤)= 👻 🦇🔊 @StaniKulechov

1/4 of $RAI supply is in @AaveAave yielding ≈ 20% Which lending currency will be next on @AaveAave?

With Stani's question in mind.. let's take a look at what coin could be next?

In the pipeline. In June, there have been ARC's (Aave Request for Comment) on the governance forum for FEI, BOND, and DPI-ETH Uniswap LP Tokens.

There may also be something brewing with Olympus DAO? 👀

(3, 3)

stani.eth 👻 =(⬤_⬤)= 👻 🦇🔊 @StaniKulechov

👻 ❤️ (3, 3) = 👀

Mark your calendar 📆

HackMoney by @ETHGlobal - now through July 9th

Sponsored by Aave, including $120,000 up for grabs!

Aave Grants DAO second Community Call is this Thursday July 1 at 17:00 BST (12:00 ET, 9:00 PT, 21:30 IST)

Be a part of defi history and join (what we believe) is the first ever DAO governance call to happen via Twitter Spaces.

EthCC 4 - July 20th to 22nd, 2021

Sponsored by Aave and featuring multiple speakers from the genesis team, including Ajit Tripathi (@chainyoda), Emilio Frangella (@The3D_), and of course Stani (@StaniKulechov).

Stani will also be speaking at:

SmartCon by ChainLink taking place August 5th to 7th
Mainnet 2021 by Messari from September 20th to 22nd

Aave in the wild 🎙

It was a quiet week...maybe because everyone is taking a tip from Stani?

stani.eth 👻 =(⬤_⬤)= 👻 🦇🔊 @StaniKulechov

Heads down everyone 🧑🏻‍💻

If you are in need of your weekly 'Aave in the wild' fix, check out @kartojal at HackMoney from a few weeks back. David gives a crash course in everything you need to know about Aave. This is my new answer to when someone asks for a low down on Aave 🤝

Aave Grants DAO @AaveGrants

Check out a replay of @kartojal at @ETHGlobal from HackMoney 2021 Aave 1-on-1 Session covers everything from credit delegation to flash loans to governance to @aavegotchi If you only have 30 minutes to learn about Aave, watch this! Bookmarked 📍🤝 youtube.com/watch?v=RuM228…

youtube.comAave 1:1 SessionJoin David Racero of Aave for a 1:1 Session workshop, all part of HackMoney 2021 - ETHGlobal’s virtual 3-week hackathon for hackers looking to build decentra...

Water cooler 🆒

CGL on Aave. The one and only @ChainLinkGod comes through and delivers the goods: the case for why Aave will emerge as the world's global liquidity market. Read the case for yourself here.

Aave is one of the most trusted and widely used DeFi protocols and it comes down to two core reasons: security and innovation. 👀

ChainLinkGod.eth 2.0 @ChainLinkGod

My @defipulse Farmer article is now available to the public! 🔥 In this article, I explore why @AaveAave will become the world's global liquidity market due to its robust security and unbounded innovation $AAVE yieldfarmer.substack.com/p/aave-the-glo…

yieldfarmer.substack.comAave: The Global Liquidity MarketChainlinkGod makes a case for why Aave is the global liquidity market and goes in-depth into what he thinks its fundamental value proposition is.

Mainstream coverage. More signs of Aave gaining the attention of trad fi, this time from BTIG, a global financial services firm. This was released as part of their recently announced monthly deep dive into crypto projects. Unfortunately, content beyond the screenshot below is only available for their research clients.

Ghost in the Machine: Aave's Decentralized Liquidity Protocol Outpacing DeFi Pack 👀

Ajit Tripathi @chainyoda

Mainstream research coverage of @AaveAave from BTIG #defi

Aave Grants DAO Update 🏗

Historic call. Be sure to tune into the second ever Aave Grants DAO Community Call this Thursday July 1 at 17:00 BST / 12:00 ET / 9:00 PT / 21:30 IST on Twitter Spaces. As we strive to make the Aave Grants DAO as open as possible, we will be hosting the call via Twitter Spaces. We think this is a first for a DAO across DeFi so join to make history with us!

Shreyas @HelloShreyas

I really want to bring more of DeFi governance discussions to where people are, i.e. Twitter and Discord today The next Aave community call is on Twitter spaces at 4 pm UTC on July 1! (9 am PST / 5 pm BST / 9:30 pm IST) https://t.co/9OrAa8MzGt

Aave Grants DAO @AaveGrants

Our next @AaveAave community call will be over Twitter spaces! *4 pm UTC on July 1* The first (?) protocol governance call over @TwitterSpaces 👀 Here's the agenda: - Opening remarks by @StaniKulechov - Updates on Aave Grants DAO by @HelloShreyas https://t.co/roZgn6RoF3

Grant Recipients. If you missed it from last week, see the complete list of all the awesome projects that received the first round of grants:

Aave Grants DAO @AaveGrants

Proud to announce our first set of grantees 🥳 Each of these projects are thoughtful and will bring immense value to grow @AaveAave 👻 This is a step towards building a thriving ecosystem of contributors that serve Aave protocol

Checking in on some of them:

Omni is cooking. The team at Omni Analytics is burning the midnight oil to put together a series of Dune Dashboards so users can better understand the protocol. We are excited to see what they put together!

Omni Analytics Group @OmniAnalytics

@AaveGrants We're hard at work!

RabbitHole quest. RabbitHole is building a unique quest for Aave users focused on depositing into the Polygon market and they are seeking the community's input! Take a look at the post on the governance and share any feedback or questions.

Aave Grants DAO @AaveGrants

Aave grant recipient @rabbithole_gg has proposed tasks to reward Aave users for depositing funds into @0xPolygon If you you have any feedback or questions on Rabbithole quests, leave a comment on the governance forum!