Aave has attracted nearly $800 million in deposits since launching on Mantle a month ago.
Total value locked (TVL) on Mantle, the Ethereum Layer 2 network affiliated with the Bybit crypto exchange, reached a new all-time high on March 9, crossing the $1 billion mark for the first time at $1.06 billion, according to DefiLlama.
The surge follows the launch of Aave, the largest lending protocol in decentralized finance (DeFi), on Mantle in mid-February. As of today, Aave on Mantle has surpassed $1.2 billion in total lending and borrowing market size.
“Aave effect,” posted Aave founder Stani Kulechov.
Mantle’s DeFi TVL surged nearly fourfold from $255 million in the month following the Aave integration, rising 33% in the past week alone.
An incentive program that awards MNT tokens to users who lend and borrow on the network accompanied the Aave deployment, likely accelerating inflows.
Mantle is now the 12th-largest chain by TVL, according to DefiLlama, just trailing Polygon with $1.15 billion but ahead of Avalanche, which has roughly $800 million.