Defi Giant Aave Rakes in $6M in Revenue as Crypto Market Plunges

The founder of decentralized finance (DeFi) protocol Aave said the platform generated $6 million of revenue during Monday's crypto market sell-off. The plunge trickled down to DeFi after last week's Bank of Japan decision to hike interest rates and Friday's U.S. jobs report. Ether (ETH) is down by more than 20% over the past 24 hours whilst aave (AAVE) has lost 23.7% of its market cap. The decline in crypto prices led to several liquidations on Aave, including a $7.4 million wrapped ether (WETH) position, which yielded revenue of $802,000 for the company, according to on-chain data. The total value locked (TVL) on DeFi protocols is now at $71 billion.

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