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June 28, 2021 - Rewards Down, Heads Down, Resiliency Up 👀

A recap of the Aave ecosystem, June 21st to June 27th 2021

Welcome to Aave News 👻 A direct injection of the latest and greatest in the Aave ecosystem.

🚨🚨 Handle information with care 🚨🚨

State of the protocol 📰

Matic moves. As usual, @RaphaelSignal gives an awesome rundown of Aave's metrics on Polygon. The thread focuses on the impact the 95% reduction in rewards has had. While TVL and revenue understandably declined, the protocol showed resiliency and even saw an increase in average daily users.

Mainnet moves. Another sign of Aave's resiliency is an increase in monthly borrowing volume in June. This is even more impressive considering the recent decline in prices. Browse more of Token Terminal's metrics for Aave here.

For more performance metrics, Aave's own @A_BertoG drops a weekly breakdown of protocol performance on the governance forum.

Ecosystem 🧉

Gitcoin hackathon. We are stoked to be sponsoring three bounties worth 15,000 USDC as a part of Gitcoin Round 10. Read the full challenge statement and make a submission. At the time of Aave News being uploaded today, there is still over 1 week before the hackathon ends!

Governance ⚖️

Aave on Snapshot. Gasless voting is live for Aave governance participants on both Ethereum and Polygon. Shout out to @Monetsupply for making this happen 🥳

It is still unclear how exactly the community will utilize Snapshot, but there are many possibilities outlined in the proposal and more use cases will likely arise over time. To encourage participation and experimentation, the threshold for submitting a proposal is low (one AAVE or the equivalent of your favourite staked variety), so submit a proposal if you have an idea that would benefit the protocol! Who will be the first user to make a non-test proposal!?

New market watch 💹

RAI update. RAI was added to the Aave v2 money market after a vote passed last week. RAI saw high utilization right away and has grown, sitting at 87.09% at time of posting.

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There have also been attractive lending rates for depositors. Stani noted that 25% of the total RAI supply was in Aave yielding around 20 %. This has grown and is now up to 21.32%.

With Stani's question in mind.. let's take a look at what coin could be next?

In the pipeline. In June, there have been ARC's (Aave Request for Comment) on the governance forum for FEI, BOND, and DPI-ETH Uniswap LP Tokens.

There may also be something brewing with Olympus DAO? 👀

(3, 3)

Mark your calendar 📆

HackMoney by @ETHGlobal - now through July 9th - Sponsored by Aave, including $120,000 up for grabs!

Aave Grants DAO second Community Call - this Thursday July 1 at 17:00 BST (12:00 ET, 9:00 PT, 21:30 IST) - Be a part of defi history and join (what we believe) is the first ever DAO governance call to happen via Twitter Spaces.

EthCC 4 - July 20th to 22nd, 2021 - Sponsored by Aave and featuring multiple speakers from the genesis team, including Ajit Tripathi (@chainyoda), Emilio Frangella (@The3D_), and of course Stani (@StaniKulechov).

Stani will also be speaking at:

SmartCon by ChainLink - August 5th to 7th Mainnet 2021 by Messari - September 20th to 22nd

Aave in the wild 🎙

It was a quiet week...maybe because everyone is taking a tip from Stani?

If you are in need of your weekly 'Aave in the wild' fix, check out @kartojal at HackMoney from a few weeks back. David gives a crash course in everything you need to know about Aave. This is my new answer to when someone asks for a low down on Aave 🤝

Water cooler 🆒

CGL on Aave. The one and only @ChainLinkGod comes through and delivers the goods: the case for why Aave will emerge as the world's global liquidity market. Read the case for yourself here.

Aave is one of the most trusted and widely used DeFi protocols and it comes down to two core reasons: security and innovation. 👀

Mainstream coverage. More signs of Aave gaining the attention of trad fi, this time from BTIG, a global financial services firm. This was released as part of their recently announced monthly deep dives into crypto projects. Unfortunately, content beyond the screenshot below is only available for their research clients.

Ghost in the Machine: Aave's Decentralized Liquidity Protocol Outpacing DeFi Pack 👀

Aave Grants DAO Update 🏗

Historic call. Be sure to tune into the second ever Aave Grants DAO Community Call this Thursday July 1 at 17:00 BST / 12:00 ET / 9:00 PT / 21:30 IST on Twitter Spaces. As we strive to make the Aave Grants DAO as open as possible, we will be hosting the call via Twitter Spaces. We think this is a first for a DAO across DeFi so join to make history with us!

Grant Recipients. If you missed it from last week, see the complete list of all the awesome projects who received the first round of grants:

Checking in on some of them:

Omni is cooking. The team at Omni Analytics is burning the midnight oil to put together a series of Dune Dashboards so users can better understand the protocol. We are excited to see what they put together!

RabbitHole quest. RabbitHole is building a unique quest for Aave users focused on depositing into the Polygon market and they are seeking the community's input! Take a look at the post on the governance and share any feedback or questions.

And…heads up everyone! That’s a wrap for this week. Be sure to subscribe to get next week’s edition delivered directly to your inbox.

If you are building on Aave or have something you think should be shared in the next edition of Aave News, please get in touch with @0xbilll!