<p>Aave, a non-custodial lending and borrowing protocol, has become the second decentralized finance (DeFi) protocol to hit $1 billion in total value locked.</p> <p>The milestone means Aave users have deposited $1 billion worth of assets into the protocol for lending and borrowing purposes.</p> <div id="attachment_75004"class="wp-caption alignnone" style="max-width: 1389px;"><a href="https://www.theblockcrypto.com/linked/75003/aave-2" rel="attachment wp-att-75004"><img class="has-caption wp-image-75004 size-full" src="https://www.tbstat.com/wp/uploads/2020/08/Aave.png" alt="" width="1379" height="632" /></a><p class="wp-caption-text">Source: DeFi Pulse, The Block Research</p></div> <p>Aave recently <a href="https://twitter.com/AaveAave/status/1294308954982567936">announced</a> version two of its protocol, preparing a suite of new features for its users including native undercollateralized loans/credit delegation, improved borrow rates, and debt trading.</p> <p>Aave's milestone follows just three weeks after MakerDAO became the <a href="https://www.theblockcrypto.com/linked/72959/makerdao-becomes-first-defi-protocol-to-hit-1-billion-in-total-value-locked">first</a> DeFi protocol to hit $1B total value locked. According to Defi Pulse, nearly $6 billion assets are currently locked in DeFi protocol.</p>