In the world of decentralized finance (DeFi), Aave has emerged as a leader, demonstrating a 9% QoQ increase in total value supplied in Q2 2023, outperforming the broader market, according to a recent Messari report.

The report reveals several significant changes in the deposit market share within the Aave ecosystem. stETH, a tokenized version of Ethereum staked on the Ethereum 2.0 blockchain, saw its deposit market share increase 5%. This growth in stETH deposits was accompanied by a small decrease in ETH deposits, while Wrapped Bitcoin (WBTC) deposits saw an increase.

Aave revenue also saw a substantial increase, up 14% QoQ, primarily driven by activities on the Ethereum Mainnet. This growth in revenue is a testament to the growing popularity and adoption of the protocol by users. In addition, Aave’s V3 markets revenue share doubled, suggesting a significant migration of users to this new version of the protocol.

Aave launched its native over-collateralized stablecoin, GHO, on July 15, 2023. The GHO token offers a fixed rate optimized for borrowing against any collateralized asset on the Aave V3 marketplace. This innovative feature is expected to attract more users to the platform, further fueling its growth.

The report also touched on the proposed Aave Forest framework, intended to improve the security of the protocol. This proposal underlines the commitment of Aave

commitment to provide a secure platform for its users, a critical factor in the DeFi space.

Furthermore, the report hinted at the imminent launch of Portals, following developments on Chainlink. The Aave community has eagerly anticipated the release of Portals, and its release could mark the end of implementation delays.

In conclusion, the Q2 2023 report highlights Aave’s continued growth and innovation in the DeFi sector. With the launch of the GHO stablecoin, proposed security improvements, and the early release of Portals, Aave is poised to maintain its leadership position in the DeFi space.

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