During the crypto market sell-off, Aave, the founder of the decentralized finance (DeFi) protocol, reported that the platform generated $6 million in revenue.
The Bank of Japan’s decision to increase interest rates and the U.S. employment report were the factors that precipitated the decline.
Aave (AAVE) has experienced a 23.7% decline in market capitalization, while Ether (ETH) has experienced a decline of over 20%.
The crypto derivatives markets saw a total liquidation of more than $1 billion, with an additional $350 million on DeFi protocols.
Aave Protocol successfully withstands market duress in 14 active markets, securing $21 billion in value. Aave experienced numerous liquidations as a result of the crypto market’s decline, including the liquidation of a $7.4 million packaged ether position, which generated $802,000 in revenue.
