Aave's new Monad market has seen deposits exceed $100 million within two days of launch, and V4 total deposits have surpassed $250 million, reaching a new all-time high.

Mars Finance News: On July 5, approximately two days after the decentralized lending protocol Aave went live with its V3 market on the Monad network, the deposit volume has already exceeded $100 million. Aave deployed the V3 version on Monad on July 3, for the first time introducing lending functionality and the GHO stablecoin to the network. At launch, it initially supports 12 assets, including USDT0, USDC, GHO, WETH, and cbBTC. Within 24 hours of the launch, the deposit volume had already surpassed $75 million.

According to an Aave governance proposal, the Monad Foundation has pledged $15 million in incentives over the next 12 months, and will purchase and hold 10 million GHO for at least 6 months; the Aave DAO will also provide an additional 500,000 GHO to support the development of the stablecoin ecosystem. In addition, Aave founder Stani Kulechov said that on July 5, the deposit volume of Aave V4 on the Ethereum mainnet also surpassed $250 million, setting a new all-time high for that version. He said he expects the V4 deposit volume to further grow to $1 billion and to continue expanding into businesses such as crypto asset-backed lending and securities-backed borrowing.