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In brief
- Aave’s monthly active users hit an all-time high of ~155,000 in February, up roughly 100% in six months.
- The surge was driven by rising ETH supply rates and the collapse of the basis trade, analysts say.
- The Aave Chan Initiative, one of Aave’s most influential governance groups, announced its shutdown last week after a transparency dispute with Aave Labs.
Monthly active users on DeFi lending protocol Aave reached roughly 155,000 in February, marking an all-time high and nearly doubling over the past six months.
The rise in users comes as investors increasingly seek yield through decentralized lending protocols, according to on-chain analytics platform Token Terminal data.
Sean Dawson, head of research at on-chain options platform Derive, told Decrypt that market dynamics appeared to be the primary driver behind the swelling of users.
“The largest trade in crypto, the basis trade, has collapsed in recent months,” Dawson said. “Users used to…
