Aave becomes second DeFi protocol to hit $1 billion in total value locked

Aave, a non-custodial lending and borrowing protocol, has become the second decentralized finance (DeFi) protocol to hit $1 billion in total value locked.

The milestone means Aave users have deposited $1 billion worth of assets into the protocol for lending and borrowing purposes.

Source: DeFi Pulse, The Block Research

Aave recently announced 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.

Aave's milestone follows just three weeks after MakerDAO became the first DeFi protocol to hit $1B total value locked. According to Defi Pulse, nearly $6 billion assets are currently locked in DeFi protocol.