Aave: The Leading DeFi Lending Protocol

We may earn money or products from the companies mentioned in this post.

Aave is changing how people use digital money. It’s a platform where you can earn interest or borrow crypto. No banks needed!

This decentralized finance (DeFi) protocol is secure and easy to use. It’s revolutionizing the way we handle digital assets.

Aave is a giant in the crypto world. It has over $6 billion locked across many chains¹. Users have put billions into Aave on 13 different networks².

The protocol keeps growing. More projects are joining Aave’s ecosystem every day².

Aave stands out with its cool features. It invented flash loans, letting users borrow without collateral³. The protocol works on many blockchains, including Ethereum and Avalanche³.

AAVE token holders control the protocol’s future. Each token equals one vote³. They guide Aave through voting and smart contracts².

The AAVE token has grown a lot. It jumped from $53 to $666 in just seven months¹.

Key Takeaways

• Aave is the leading DeFi lending protocol with over $6 billion in TVL across multiple chains.
• The protocol offers innovative features like flash loans and operates on various blockchain networks.
• Aave is governed by AAVE token holders who guide the protocol’s direction through voting.
• The protocol has attracted billions in liquidity and continues to expand its ecosystem.
• Aave is launching new initiatives like the GHO stablecoin and Lens Protocol for decentralized social media.

Introduction to Aave

Aave is a groundbreaking decentralized lending protocol in the DeFi world. It started as ETHLend in 2017 and rebranded to Aave in 2020⁴. Built on Ethereum, Aave allows users to lend or borrow without intermediaries⁵.

Lenders can deposit crypto into Aave’s liquidity pools and earn interest. The platform supports various cryptocurrencies, including stablecoins like USDC and DAI⁴. Interest rates change based on supply and demand in each pool.

Borrowers can choose stable or variable interest rates on Aave⁵. They must provide collateral worth more than the loan to protect against crypto volatility. However, borrowers risk liquidation if their collateral value drops too low⁵.

Aave’s unique feature is flash loans. Users can borrow any amount without collateral if repaid in one transaction⁴⁵. This opens new possibilities for arbitrage and complex DeFi transactions.

“Aave has emerged as a game-changer in the DeFi lending landscape, offering users unparalleled flexibility, security, and opportunities for passive income generation.”

The AAVE token allows users to participate in protocol governance. Holders can stake AAVE to shape Aave’s future⁵. Staking in the Safety Module helps secure the protocol and earns rewards.

Aave prioritizes user fund security through open-source code and regular audits⁵. It also runs a bug bounty program. Aave continues to lead innovation in DeFi, empowering users to control their finances.

How Aave Works

Aave is a decentralized lending platform using liquidity pools. Users can lend and borrow crypto without middlemen. By depositing assets, users add to the borrowing funds.

As of August 2, 2024, Aave has $21.3 billion in liquidity. This is spread across eight networks and 15 markets.

Borrowers must provide extra collateral to use Aave. This helps reduce risk and keep the platform stable. Users can borrow up to 80% of their collateral’s value.

If collateral value drops too low, up to 50% may be sold. This process is called liquidation.

Liquidity Pools

Liquidity pools are key to Aave’s system. These are reserves of digital assets supplied by users. The protocol lends these assets to borrowers.

Users earn interest by supplying assets to pools. For example, supplying ETH on Aave v2 gives a 0.7% yearly return.

Borrowing and Lending

Smart contracts handle borrowing and lending on Aave. These are self-executing agreements written in code. Third parties have checked these contracts for security.

Thousands of users interact with Aave monthly. This shows its popularity in the market.

Aave has two main versions: v2 and v3. V2 is the largest public lending market with $5.29 billion locked.

V3 currently has $1.47 billion locked. Aave Arc serves financial institutions like Binance and Coinbase.

Collateralization

Collateralization is key for borrowing on Aave. Users must provide digital assets as collateral. The collateral value must exceed the borrowed amount.

Borrowers can access up to 80% of their collateral’s value. This over-collateralization helps reduce risks for everyone involved.

Borrowers must watch their collateral value closely. A big drop could trigger liquidation, selling some collateral to repay the loan.

Up to 50% of pledged collateral could be lost. To manage this, keep a healthy loan-to-value ratio.

Consider using debt avalanche or snowball methods for efficient loan repayment. These strategies can help maintain financial stability.

Aave leads in DeFi lending with its innovative approach. It uses liquidity pools and smart contracts effectively. The platform’s growth shows its impact on decentralized finance⁶⁷.

Aave’s Key Features

Aave leads the DeFi lending space with innovative features. It boasts a total value locked of $11 billion as of mid-2024⁸. Users trust Aave across Ethereum, Polygon, Avalanche, and Solana networks⁸⁹.

Aave’s flash loans allow borrowing without collateral within a single transaction⁸. This unique feature enables sophisticated financial strategies like arbitrage. Flash loans incur a 0.09% fee, benefiting liquidity providers⁹.

aTokens

Users receive aTokens when depositing assets into Aave’s liquidity pools. These tokens represent pool shares and automatically earn interest. Depositors can stake aTokens for yields up to 10%⁹.

Staked aTokens are locked for at least 7 days before withdrawal⁹. Borrowing rates on Aave typically start around 3-5%⁹, varying by token and pool liquidity.

Stability Fee

Aave charges a stability fee on borrowed assets. This fee maintains economic stability and encourages prompt fund returns. It adjusts dynamically based on market conditions and asset demand.

Aave V3 focuses on enhancing capital efficiency and protocol safety. It offers specialized supply/borrowing modes and adjustable risk parameters¹⁰. The Portal feature enables seamless cross-chain transfers⁸.

These upgrades have improved Aave’s flexibility in the evolving DeFi landscape¹⁰. Users can now enjoy more options and better functionality across different blockchain networks.

Aave’s Supported Assets

Aave, a top DeFi platform, supports many cryptocurrencies for lending and borrowing. Users can work with ETH, stablecoins like DAI and USDC, and various ERC-20 tokens¹¹. Over 20 cryptos are available, including DAI, ETH, BAT, LINK, and more¹².

Users earn interest by depositing assets into pools. They can borrow through stable rate, variable rate, or flash loans¹¹. Depositing ETH creates aETH tokens, while DAI creates aDAI tokens. Interest rates vary based on supply and demand¹¹.

Aave has reached impressive milestones. By 2020, it held over $4 trillion in money markets globally¹¹. It hit $1 billion in market size within six months of launch.

As of March 2024, Aave boasts $15 billion in Total Value Locked (TVL). This shows the huge amount of crypto deposited in the platform¹²¹³.

The platform offers unique features like Flash Loans and flexible interest rates. It also supports credit delegation and various collateral types¹². Flash loans allow uncollateralized borrowing within a single blockchain block timeframe¹³.

Aave supports many real-world assets and offers special features. It’s a leading DeFi platform across 8 networks. Billions of dollars are locked in its smart contracts on multiple chains¹³.

Aave’s Governance Model

AAVE token holders shape the protocol’s future through decentralized decision-making. The Aave DAO guides development and ensures long-term success. This innovative model empowers the community to actively participate¹⁴.

AAVE holders vote on changes and steer the protocol’s direction. Aave Governance V2 has handled 272 proposals, facilitating significant changes. These include deploying Aave V3 across 8 chains and launching GHO, Aave’s decentralized stablecoin¹⁵¹⁶.

AAVE Token

The AAVE token is crucial to Aave’s governance model. Holders can earn passive income by staking their tokens. AAVE tokens also grant voting rights, allowing input on future developments¹⁶.

Aave’s governance process includes several stages. It starts with the Proposal Lifecycle through forums like the Governance Forum. Other platforms include Snapshot Voting, ARFC, and Aave Improvement Proposal¹⁴.

Off-chain voting on Snapshot lasts three days without transaction fees. On-chain voting requires AAVE, stkAAVE, or aAAVE tokens¹⁴.

Voting Rights

AAVE token holders can vote on various proposals. These include protocol upgrades, new features, and ecosystem changes. Successful proposals need over 320k AAVE votes and an 80k AAVE vote differential¹⁵.

Aave uses predefined frameworks to streamline governance procedures. These include Caps Update, Asset Onboarding, New Chain Deployment, and Emission Manager. This ensures efficient decision-making on critical aspects of protocol development¹⁴.

The Aave community is vital to governance. Delegates, delegators, contributors, and service providers play distinct roles. Service providers include Chaos Labs, Llamarisk, and Karpatkey, among others¹⁴.

Aave Community Guardians ensure platform security and stability. They include Protocol Emergency Guardians, Governance Emergency Guardians, and Stewards. These groups handle specific protocol parameters¹⁴.

Aave’s Multi-Chain Expansion

Aave has grown beyond Ethereum to multiple EVM-compatible networks. This approach lets Aave reach more users and tap into various blockchain ecosystems. In 2024, Aave’s Total Value Locked hit $13 billion, showing strong user trust¹⁷.

Ethereum

Ethereum, Aave’s first home, remains crucial. Aave’s active loans on Ethereum now total $7.4 billion. This increase cements its lead in DeFi lending¹⁷.

Unique features like flash loans have drawn many users. These innovations boost Aave’s success on the Ethereum network¹⁸.

Polygon

Polygon, an Ethereum scaling solution, is a popular choice for Aave. It offers faster, cheaper transactions, making Aave more accessible. This integration has driven Aave’s growth across multiple blockchains¹⁷.

Avalanche

Avalanche has been key in Aave’s multi-chain strategy. It opens new doors for users to access Aave’s services. The network’s speed and efficiency make it attractive for quick transactions.

Aave’s expansion has driven its market success. By 2024, it controls over 50% of DeFi lending. It manages $7.4 billion in active loans across various blockchains¹⁷.

Aave’s multi-chain approach has boosted its revenue growth. In 2024, it saw 50-60% quarter-over-quarter growth as markets improved¹⁹. Aave’s price-to-sales ratio is at 17x, a three-year low¹⁹.

This low ratio suggests Aave might be undervalued. It could be a good time for investors to consider accumulating¹⁷.

Aave plans to expand to chains like Aptos. This move aims to attract more users and liquidity¹⁷. Aave 2030, the protocol’s upcoming catalyst, includes plans for further growth.

These plans cover multi-chain expansion and the Aave V4 upgrade. A new funding model is also in the works¹⁷. With its strong market position, Aave looks set for continued DeFi success.

Aave’s Growth and Adoption

Aave leads the DeFi world with impressive growth. It holds nearly $20 billion in user deposits, controlling over 50% of the DeFi lending market. In 2024, Aave’s Total Value Locked hit $13 billion, showing strong user trust²⁰²¹.

Aave dominates the lending sector with $7.4 billion in active loans. This gives it a 67% market share of the $11 billion total. The protocol has expanded across various chains, boosting unique user activity²⁰²¹.

Aave’s growth potential is huge compared to traditional finance. Margin loans in traditional finance total around $800 billion. As crypto gains popularity, Aave is set to capture a larger market share²⁰.

Aave isn’t just for retail users. Its institutional adoption product, Aave Arc, gives access to over 30 whitelisted firms. This interest, along with strategic plans, sets Aave up for future success²¹.

Aave aims to build a sustainable, cross-chain, and compliant DeFi ecosystem by 2030.

Aave’s strong position in DeFi lending makes it ready for growth. As the DeFi ecosystem expands, Aave is set to benefit from continued inflows²¹.

Aave DeFi Lending

DeFi has transformed lending, allowing direct borrowing from liquidity pools without middlemen. Aave leads this change with innovative features and diverse asset support. Users can now lend and borrow more efficiently than ever before.

Advantages of DeFi Lending

Aave and similar platforms offer efficient, cost-effective transactions without intermediaries. Borrowers can get loans quickly, bypassing credit checks and long approvals. Lenders earn attractive yields on their digital assets.

Over 98% of Aave users maintain a health ratio above 1. This shows a secure lending environment. The platform’s success highlights the growing demand for decentralized financial solutions.

DeFi lending protocols have about $25 billion in outstanding debt. While significant, this amount is modest compared to traditional finance. However, rapid growth indicates increasing popularity of these platforms.

Aave’s Role in DeFi Lending

Aave is a top DeFi lender with billions in liquidity across Ethereum and 12+ networks. It generates substantial weekly volume. The platform’s unique features, like Flash Loans, set it apart from competitors.

Flash Loans are the first uncollateralized loans in DeFi. They allow borrowing without collateral if repaid within one Ethereum transaction. This innovation has revolutionized the lending space.

Aave’s ecosystem includes various collaborators and builders. They contribute to the platform’s growth and development. The AAVE token is crucial for governance and risk management.

Token holders govern the protocol through voting and smart contract execution. Aave aims to expand access to this innovative financial tool. It prioritizes user fund safety with multiple audits and a bug bounty program²²²³².

Aave’s Security Measures

Aave is a top DeFi lending protocol that values user security. With $14.1 billion in Total Value Locked, Aave uses strong measures to protect its platform. The protocol’s $3.84 billion market cap shows its significance in the DeFi space.

Aave’s code undergoes thorough security audits by leading blockchain firms. These audits find and fix potential weaknesses, keeping the platform safe for users.

Bug Bounty Program

Aave runs a bug bounty program to boost platform security. It rewards white hat hackers for finding and reporting bugs. This helps Aave quickly fix any issues that arise.

Safety Module

The Safety Module protects against protocol insolvency. It’s an insurance fund for unexpected losses or liquidity problems. The module uses a part of protocol fees to maintain stability.

Aave’s code is open for public review. This transparency allows anyone to check its integrity. Community-approved governance processes manage any changes to the protocol.

User security is a top priority for Aave. Over 98% of users have a health ratio above 1. This high collateralization reduces default risks and stabilizes the lending ecosystem.

Aave offers various stablecoins with high liquidity. Options like DAI, USDC, and TrueUSD provide stable lending and borrowing choices. This variety enhances the platform’s security and stability.

Aave’s commitment to security is clear. Regular audits, a bug bounty program, and high collateralization create a trustworthy DeFi lending environment²³²⁴.

Aave v3 Upgrades

Aave, the top DeFi lending protocol, keeps evolving to meet new demands. In March 2023, Aave v3 launched with exciting upgrades. These changes improve user experience and enable cross-chain functionality.

Gas Optimization

Aave v3 introduced High Efficiency Mode (eMode) to lower transaction fees. This makes smaller transactions more practical for users. eMode supports up to 255 categories with different risk management settings.

These settings include LTV, liquidation threshold, and liquidation bonus. Users can now borrow and lend with much lower gas costs.

Cross-Chain Portals

Cross-chain portals are a big step towards interoperability in Aave v3. Users can now operate across multiple blockchains seamlessly. This includes Ethereum Layer 2 networks and other Layer 1 blockchains.

The new feature gives users more flexibility in managing their digital assets. It also expands Aave’s reach to more blockchain networks.

Aave v3 has added several risk management features. These include Supply and Borrow Caps to control risk. Borrowing Power Control adjusts borrowing power for users.

Price Oracle Sentinel handles downtime on Layer 2 solutions. These features protect users’ investments in the ever-changing DeFi world.

Aave continues to improve with updates like v3.1 and v3.0.2. These focus on security improvements and bug fixes. These updates show Aave’s dedication to a reliable DeFi platform.

With a total liquidity of approximately $15 billion across all markets and a treasury of more than $50 million, Aave has solidified its position as a leading player in the crypto market²⁵.

Aave’s Ecosystem

Aave shines in the DeFi world with its strong network. It teams up with various protocols, wallets, and data providers. These partnerships boost user experience and expand building options on Aave’s protocol.

Integrations

Aave’s ecosystem thrives on smooth integrations with other DeFi protocols. Users can now use Aave’s lending and borrowing in more applications. Popular wallets like MetaMask and Ledger now work directly with Aave²⁶.

Aave has spread to many blockchains, including Ethereum, Polygon, and Avalanche. It’s also on Layer 2 solutions like Optimism, Metis, and Arbitrum²⁶. This multi-chain approach increases access and liquidity for users.

Partnerships

Aave teams up with key DeFi players to boost its ecosystem. These partnerships cover stablecoins, social protocols, and institutional lending platforms²⁷. The goal is to offer a full, user-friendly DeFi experience.

One key partner is the Lens Protocol, a decentralized social media space. Users can create content, manage their social graph, and earn from their communities²⁶. This lets Aave users connect with the DeFi community better.

Aave has launched its own stablecoin, GHO. It’s now approved for use on the Ethereum Mainnet. This move strengthens Aave’s position in the DeFi lending market²⁶²⁸.

As of May 15, 2024, Aave ranks third in total locked value (TVL). Its TVL reaches $1.0694 billion²⁷. The lending field makes up 36% of the total DeFi market TVL.

Aave’s total borrowings hit $6.1 billion in Q1 2024, up 79%. Its lending revenue grew by 40%, reaching $34.9 million²⁷. These numbers show Aave’s strong growth in the market.

With 96 employees and big investments, Aave is set to grow. It’s ready to expand and keep innovating in the DeFi world²⁷.

Aave’s Future Developments

Aave leads in DeFi lending. Its market cap is $1,057,587,364 with 14,093,193 tokens circulating. Recent price drops include 9.79% in 24 hours and 4.44% over a week²⁹.

Despite challenges, Aave’s community focuses on future growth. The protocol continues to innovate and expand its services for users.

GHO Stablecoin

Aave’s community approved GHO, a new decentralized stablecoin. It’s native to the Aave Protocol and overcollateralized. GHO aims to provide stable currency for Aave ecosystem transactions.

This stablecoin solution enhances liquidity on the platform. It also helps borrowers and lenders interact more smoothly.

Lens Protocol

Aave launched Lens Protocol, a decentralized social media platform. Built on Polygon, it gives users control over content and social graphs. Users can own data, monetize content, and interact directly with followers.

Lens Protocol aligns with Aave’s mission. It promotes decentralization and user empowerment in the digital world.

Analysts predict Aave’s price could reach $135.20 in 2023. The average price may range from $90.13 to $112.67. By 2030, Aave might hit $660.98, with an average around $615.91²⁹.

These projections stem from Aave’s strong fundamentals and growing adoption. However, the crypto market is highly volatile. Aave’s price has fluctuated significantly in the past.

From September 2022 to 2024, Aave’s price ranged from $47.77 to $153.15. The average was $87.05³⁰. Despite challenges, Aave’s community believes in its future plans and potential growth.

Risks and Challenges

Aave has strong security, but no DeFi protocol is entirely risk-free. DeFi’s growth stems from Ethereum and its cryptoasset Ether (ETH). These support smart contracts on blockchains³¹.

DeFi risks include high leverage and liquidity mismatches. The absence of shock absorbers like banks also poses challenges³¹. Smart contract vulnerabilities are a major concern in DeFi lending.

Flash loan attacks are another risk. Borrowers can exploit these to get funds without proper collateral³². These loans execute quickly and need repayment in the same transaction.

Liquidation risk affects users borrowing with volatile cryptocurrencies as collateral. If collateral value drops too low, the position may be automatically liquidated³². Impermanent loss can impact users providing liquidity to Aave’s pools³².

Aave uses strategies to reduce risks. These include security audits and formal verification of smart contracts. They also establish insurance funds and counter flash loan attacks³².

Aave proposed setting DAI’s Loan-to-Value ratio to 0%. This serves as a risk management and competitive positioning measure³³.

Table 1: Comparison of DeFi, CeFi in crypto markets, and traditional finance³¹.

DeFi has a “decentralization illusion” due to centralized governance needs. Blockchain consensus mechanisms tend to concentrate power³¹. Centic offers Web3 data analytics to help users monitor assets and manage risks³².

The DeFi lending sector keeps growing, with a Total Value Locked of $14.308 billion. Aave leads the market with 30% of the TVL³². Users must understand and manage risks in these innovative financial platforms.

Conclusion

Aave is a top DeFi lending protocol with many features and assets. It’s one of the highest-ranked DeFi protocols by total value locked. The AAVE token has grown significantly, becoming a highly sought-after cryptocurrency³⁴.

Aave’s flash loans and credit score delegation offer new arbitrage chances. These features enable advanced financial strategies in DeFi. The protocol provides fixed-rate and variable-rate loans, appealing to various users³⁴.

Compared to Compound, Aave supports more assets for lending and borrowing. It’s also more interoperable, working with multiple blockchain networks³⁵.

Aave’s focus on security and innovation helps shape DeFi lending’s future. It gives users more control over funds and access to financial services. This reduces the need for middlemen and lowers costs³⁴.

The protocol keeps evolving with new features like GHO stablecoin and Lens Protocol. These additions will likely increase Aave’s impact on the DeFi ecosystem. Aave continues to strengthen its position as a DeFi pioneer.

Source Links

1. Aave: Understanding the Crypto Lending Platform – https://www.coindesk.com/learn/aave-understanding-the-crypto-lending-platform
2. Aave – https://aave.com/
3. What Is Aave? Inside the DeFi Lending Protocol – Decrypt – https://decrypt.co/resources/what-is-aave-inside-the-defi-lending-protocol
4. Aave – (Intro to FinTech) – Vocab, Definition, Explanations | Fiveable – https://fiveable.me/key-terms/introduction-to-fintech/aave
5. Introduction to Aave – https://www.linkedin.com/pulse/introduction-aave-blockchaincouncil-ue9oc
6. What Is Aave? – https://www.investopedia.com/what-is-aave-6823617
7. Aave: Understanding the Crypto Lending Platform – https://www.coindesk.com/learn/aave-understanding-the-crypto-lending-platform/
8. Aave Review 2024: Unraveling DeFi’s Leading Protocol – https://coinbureau.com/review/aave-lend/
9. What is Aave? Decoding the Popular DeFi Platform for Beginners – https://blocktrade.com/learn/what-is-aave/
10. Modern DeFi Lending Protocols, how it’s made: Aave V3 – https://mixbytes.io/blog/modern-defi-lending-protocols-how-its-made-aave-v3
11. Aave Token: Decentralized Crypto Liquidity Protocol | Gemini – https://www.gemini.com/cryptopedia/aave-crypto-liquidity-token-protocol
12. DeFi protocol like Aave Development Solutions | Create DeFi lending protocol like Aave | Aave Clone Development | Launch a Lending and borrowing Platform like Aave | Lending and borrowing Platform Development | DeFi Protocol Development | Develop Aave like Lending Platform | Develop Aave like – https://www.blockchainappfactory.com/defi-protocol-development-like-aave
13. Aave: Everything You Need to Know on the Popular DeFi Protocol – https://atomicwallet.io/academy/articles/what-is-aave-complete-guide
14. Governance – https://aave.com/docs/primitives/governance
15. Understanding Aave Governance V2: The Decision System Behind DeFi’s Largest Lending Platform – http://wintermute.com/understanding-aave-governance-v2-the-decision-system-behind-defis-largest-lending-platform
16. What is Aave? — AAVE Crypto Introduction – https://coinmotion.com/what-is-aave-crypto/
17. Will AAVE lead the revival of DeFi? – https://www.aicoin.com/en/article/422667
18. What is Decentralized Lending? A Deep Dive into Aave, Compound, & More – https://www.dcentralab.com/blog/what-is-decentralized-lending-a-deep-dive-into-aave-compound-more
19. Aave, the Core Pillar of Decentralized Finance and Onchain Economy – https://writing.defiance.capital/aave-the-core-pillar-of-decentralized-finance-and-onchain-economy-34c0a2bf8483
20. Aave takes 67% of DeFi lending market as GHO soars – What now? – https://ambcrypto.com/aave-takes-67-of-defi-lending-market-as-gho-soars-what-now/
21. Will AAVE Lead DeFi’s Comeback? – https://0xgreythorn.medium.com/will-aave-lead-defis-comeback-4678f4d7fb6e
22. Aave and Flash Loans | Gemini – https://www.gemini.com/cryptopedia/aave-flashloans
23. Why DeFi lending? Evidence from Aave V2 – https://www.bis.org/publ/work1183.pdf
24. PDF – https://enigma-securities.io/wp-content/uploads/2023/06/aave-em.pdf
25. Aave V3 Upgrade – https://medium.com/@hiteshmahajan/aave-v3-upgrade-a6258580185a
26. Discover AAVE’s Ecosystem and drive DeFi forward. – https://www.scb10x.com/en/blog/discover-aave-ecosystem-drive-defi-forward
27. From ETHLend to Aave V4: The Building Plan of the Leading Lending Ecosystem – https://www.gate.io/learn/articles/from-ethlend-to-aave-v4-the-building-plan-of-the-leading-lending-ecosystem/3115
28. Develop a Defi Lending Platform like Aave – Cost and Features – https://ideausher.com/blog/develop-defi-lending-platform-like-aave/
29. What Does The Future Of AAVE Coin Look Like? – https://pressbooks.cuny.edu/learners/part/what-does-the-future-of-aave-coin-look-like/
30. Is Aave About To Start A Bull Run? – https://www.disruptionbanking.com/2024/09/11/is-aave-about-to-start-a-bull-run/
31. DeFi risks and the decentralisation illusion – https://www.bis.org/publ/qtrpdf/r_qt2112b.pdf
32. Financial Risks in DeFi Lending – https://medium.com/@centicio/financial-risks-in-defi-lending-8fdc394c3102
33. Risk Management Concerns in DeFi Lending: Maker vs Aave – https://www.linkedin.com/pulse/risk-management-concerns-defi-lending-maker-vs-aave-carlos-balbin-hn53e?trk=public_post
34. The Rise and Impact of Aave Crypto: Empowering Decentralized Finance – https://bitpapa.com/blog/how-to/rise-and-impact-aave-crypto-empowering-decentralized-finance
35. Aave vs Compound: DeFi Lending Comparison – https://blog.ledn.io/en/aave-vs-compound