DeFi Has A New Top Protocol

Plus Tether does more daily volume than PayPal

Happy Tuesday, Blockfolians

The Lede

Welp, there’s a new number one in DeFi land - at least when it comes to total value locked.

Aave - the “money market protocol” has scooted ahead of Maker slightly, with $1.39B in TVL.

This comes just one day after Aave announced that it had received an Electronic Money Institution license from the UK’s Financial Conduct Authority.

Twitter avatar for @AaveAaveAave @AaveAave
Aave’s UK entity responsible for integrations and support, Aave Limited, is now licensed as an authorised electronic money institution. After a lengthy application process, the authorisation was granted in July by the Financial Conduct Authority (FCA).
theblockcrypto.com/post/75845/aav… Image

The Block @TheBlock__

JUST IN: Aave has been granted an Electronic Money Institution license by the U.K. Financial Conduct Authority (via @mpmcsweeney) https://t.co/0a3TatZkNC

For our money, Maya Zehavi put it perfectly: “the first round of regulated DeFi products.”

There is no denying how fast evolving this DeFi space is. Aave’s new license and the market’s reaction to it are testament to that!

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Highly Relevant Reading


Community Commentary

There is much hype for this coming Jerome Powell inflation speech…
Wow. Tether doing more daily volume than PayPal.
Twitter avatar for @jp_koningJohn Paul Koning @jp_koning
Tether is now doing $3.55 billion in daily transfer value:
coinmetrics.substack.com/p/coin-metrics… via @coinmetrics Not bad. In Q2 2020, @PayPal did just $2.94 billion per day: investor.paypal-corp.com/static-files/e… Image

A Really Big Number We Should Be Paying Attention To  

$1 Billion

That’s the value of tokens on the Ethereum blockchain that are vulnerable to a ‘fake deposit’ attack according to new research


Final Thought

How does this guy possibly think he’s NOT meant for Crypto Twitter?