Aave shows defiance during the sell-off by profiting off user liquidations.
DeFi protocol Aave generated $6 million in revenue during Monday's crypto market sell-off, according to the platform's founder.
The platform's treasury was rewarded for keeping the markets safe with decentralized liquidations.
Aave Defied Crypto Sell-Off With $6M in Revenue, Says Founder
The platform's founder disclosed the revenue figures in a post on X, a decentralized social media platform.
"Aave Protocol withstood market stress across 14 active markets on various L1s and L2s, securing $21B worth of value," wrote Stani Kulechov. "Aave Treasury was rewarded with $6M in revenue overnight from decentralized liquidations for keeping the markets safe."
The platform generates revenue through a protocol treasury that collects a portion of the interest paid on loans and a "surplus recovery" mechanism that kicks in when a user's collateral is liquidated at a higher price than their outstanding loan.
Aave's revenue is used to fund the protocol's development, compensate contributors and pay for audits, among other expenses.
The sell-off saw more than $1 billion liquidated across crypto derivatives markets, with a further $350 million liquidated on DeFi protocols, according to Parsec Finance.
The total value locked (TVL) on DeFi protocols is now at $71 billion, having dropped from $100 billion at the turn of the month, according to DefiLlama.
Aave's defiant performance during the sell-off is a testament to the platform's resilience and the benefits of decentralized finance in a volatile market.
Aave's revenue generation also highlights the role of DeFi protocols in facilitating efficient capital markets within the crypto ecosystem.
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