Aave User Address Grew By 675% In One Week

Aave, the decentralized lending platform, is among the largest DeFi protocols by total value locked (TVL). Over the years, despite the crypto price boom and bust cycle, the platform has operated flawlessly without any technical hitches.

DeFi protocol Aave (CRYPTO: AAVE) is seeing a surge in user addresses on Optimism, with the platform emerging as the fastest-growing protocol among those tracked by Santiment.

Aave on Optimism had the highest growth rate among protocols with at least $500 million in total value locked (TVL).

Over the past week, Aave addresses on Optimism grew by 675%, nearly double the growth rate of KuCoin Token (KCS).

Aave also outpaced other protocols, including Maker (CRYPTO: MKR) — another lending and borrowing protocol on Ethereum (CRYPTO: ETH) — Chainlink (Optimism) and Raydium (Solana (CRYPTO: SOL)) over the past seven days.

Chainlink on Optimism and Raydium both saw growth of over 100% during the same period.

The growth of Aave on Optimism outpacing Raydium, the leading DEX on Solana, is a significant achievement.

By default, any meme coin that launches on Pumpfun and achieves a minimum of 69 SOL is automatically listed on Raydium.

While only a small percentage of meme coins are chosen for listing on Raydium, tens of thousands of meme coins are launched on the meme coin launchpad on Solana.

According to Santiment, the growth of Aave on Optimism and the token's price performance could be linked.

The sentiment analytics platform noted that there tends to be a strong correlation between rising utility and sustained growth with long-term gains in the cryptocurrency market.

Meanwhile, Aave v3 on Ethereum had over 49,800 unique daily users, according to Dune.

Over the past two days, there were 70 new users.

While there is growth in the number of cumulative users, as expected, the number of new users remained flat.

Aave Price Action: At last check Friday, Aave was trading at $152.35, trending nearly flat over the past 24 hours. The token was recently seen trading at $149.13, up nearly 2% over the past seven days.

The token price was recently seen trending above the 50-day moving average of $130.86. Aave was recently seen trading in a range between $90.05 and highs of $202.08 over the past 52 weeks.