Aave Hits $100M in Deposits on Monad, MON Price Jumps 11%

The launch of Aave on Monad has seen a remarkable start. The protocol has reportedly recorded over $100 million in deposits just within two days of launch. This is an important development for the protocol as it indicates strong early user demand. The event has also influenced Monad’s native token, MON, pushing its price by around 9%.

Aave’s launch on Monad attracts $100M+ in deposits

The Aave protocol has attracted over $100 million in deposits in about 48 hours of going live on Monad. With this development, Aave has become one of the fastest-growing DeFi protocols in recent weeks. 

Source: TokenLogic

In July, Aave launched Protocol V3.7 on Monad. Via the move, Aave launched a new lending and borrowing market on the Monad blockchain. While the protocol has seen $100 million in deposits since then, the Monad network’s total value locked (TVL) has climbed to nearly $450 million.

What is interesting about this deployment is its fast growth. Usually, it is really difficult for a new blockchain to attract significant liquidity. Even though users may explore these networks, they may remain reluctant to make deposits to new platforms. But here, users have been convinced by Aave’s Monad market, as evidenced by its rapid growth in a short span of time.

However, things could change in the future. Despite the initial growth, investor demand and excitement may fade gradually. If liquidity remains and borrowing activity continues to grow, it would indicate the real growth of the protocol.

Aave brings GHO stablecoin to Monad

Another notable aspect of the launch is the addition of the GHO stablecoin to Monad. Previously, the stablecoin was launched on Ethereum L2 networks like Base and Arbitrum. Now, the token has made its debut on Monad, attracting investors.

As part of the initial launch, Aave bridged 10 million GHO stablecoins to the Monad blockchain. While this marks a major liquidity boost for the network, it also fosters the adoption of the stablecoin. The platform has also made the GHO token available to users from the first day of launch. The team believes that the community members will increasingly use GHO for lending, borrowing, and other DeFi activities on Monad.

MON price is up by 11% today

Driven by the Aave protocol launch on Monad and its massive growth, the MON token price has exhibited a remarkable rally. The MON price, currently at $0.02235, has surged by about 11% over the past 24 hours. On a weekly basis, the token is up by a notable 18%. The MON price has also soared by about 8% over the last 30 days.

More interestingly, the 24-hour trading volume has experienced an ambitious uptick of 1099%. The volume’s surge to an attractive $302 million underscores the investors’ growing interest in the Monad ecosystem.