In its Q3 assessment of the cryptocurrency lending platform, Messari revealed that due to a 42% drop in outstanding debt on Aave, its revenue within the 90-day period fell sharply by 35%.
As reported by Messari, Aave’s revenue on Avalanche in the last six months totaled $10.65 million, having dropped by 53%. Conversely, its deployment on the L2 scaling blockchainInterestingly, in spite of a 44% decline, its deployment onFurthermore, as regards the quantum of revenue by token made by Aave in Q3, Messari discovered that the stablecoin revenue share on the protocol fell by 60% between July and September.
It was followed by its USD Coin revenue, which also dropped by 52.2%. On the other hand, Aave’s Wrapped Ethereum [wETH] revenue recorded the most gains in Q3 as borrowing demand surged due to the Ethereum Merge.Interestingly, Aave saw a surge in overall user activity in Q3. Daily and first-time users on the crypto lending platform grew by 49% and 15%, respectively.
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