AAVE is an important cornerstone protocol in the current DeFi world, with a TVL on-chain second only to ETH staking protocol LIDO, reaching a whopping $4.69 billion in value. Besides continuing to develop its own protocol, AAVE is actively incubating and sponsoring many ecosystem-related projects, such as the all-in-one DeFi server DefiSaver, cross-chain bridge Li.Fi, and the options protocol Lyra Finance, among other well-known projects, all of which have received support from the AAVE GRANT ecosystem fund.
In today's CryptoSnap weekly report, we're taking a look at the 17 projects and initiatives that recently received rewards from the AAVE GRANT in July and August 2023, and providing a brief introduction to these projects for everyone to get acquainted with.
The recent downturn in the cryptocurrency market, especially the ETH/BTC exchange rate hitting a new 15-month low, reflects a sluggish on-chain activity on the Ethereum mainnet.
However, perseverance during a bear market often yields results in a bull market. Despite the current crypto winter, many projects continue to develop and operate, with support from cornerstone protocols like AAVE. These projects play the role of nurturing new initiatives, highlighting the resilience of the Ethereum DeFi community.
I personally have a positive outlook on many of the DeFi vaults and all-in-one front-end services incentivized in this round. These protocols aim to simplify DeFi products, making them accessible to users without requiring them to understand the complex underlying mechanics and a multitude of protocols. Instead, users can easily see which one offers the highest benefits and understand the associated risks through a one-stop front-end service or vault. They can enjoy high yields from DeFi like building blocks.
However, the challenge in this market, given the similarity of platforms, will be how to achieve a breakthrough in marketing and attract the most users. Competition in this space is fierce.