Aave’s Monad Deployment Passes $100 Million In Deposits Within Two Days

Deposits on Aave’s newly launched Monad market crossed $100 million on Saturday, just two days after the lending protocol went live on the network, according to data shared by TokenLogic.

Fast Start For New Market

Aave, the largest decentralized lending protocol, deployed its V3 version on Monad on Thursday, bringing lending, borrowing and its GHO stablecoin to the network for the first time. The market launched supporting 12 assets, including USDT0, USDC, GHO, WETH and Coinbase’s cbBTC, and had already surpassed $75 million in deposits within its first 24 hours.

The Monad Foundation committed $15 million in incentives over the first year and agreed to hold 10 million GHO for more than six months to support the deployment, while the Aave DAO added another 500,000 GHO to encourage stablecoin adoption on the network. Risk firm LlamaRisk backed the launch with conservative initial parameters, citing Monad’s roughly seven months of operating history, and noted that network activity had cooled somewhat after an initial surge, with liquidity still concentrated in established protocols like Uniswap, Curve and Morpho.

The inflows are notable given Monad’s overall DeFi footprint, which held about $359.5 million in total value locked as of early June, meaning the new Aave market pulled in more than a quarter of that amount in just two days. Monad, built by former Jump Trading developers, launched its mainnet and MON token last November and claims 10,000 transactions per second with sub-second finality.

V4 Also Hits A Milestone

Separately, Aave’s V4 version crossed $250 million in deposits on Saturday, a new high for that version. Aave founder Stani Kulechov called it a significant milestone and said the team aims to keep growing toward $1 billion through expanded crypto-backed and securities-backed lending. Monad received the V3.7 version rather than V4, with the Monad Foundation left to decide on a future migration. The launch follows Aave’s earlier expansion to OKX’s X Layer and comes the same week MetaMask launched its Money Account product using Monad as its home chain.