Aave Deploys V3 on Monad Network, Surpasses $100M in Deposits

Aave's deployment on the Monad network has been a resounding success, with deposits exceeding $100 million in just two days. This represents more than a quarter of Monad's entire DeFi ecosystem.

The Aave Labs CEO stated that Ethereum mainnet V4 deposits have topped $250 million, indicating growth towards $1 billion and reflecting expectations for expansion in crypto-collateralized lending and securities-backed lending.

Aave deployed V3 on the Monad network, introducing lending and borrowing functions, as well as its native stablecoin GHO. This marks the first time these features have been available on the chain.