Aave on Par With Traditional Banks as Net Deposits Reach All-Time High of $31B

Aave, a decentralized finance lending protocol, has reached a record $31.4 billion in net deposits, a 50% rise from $20.9 billion at the start of November. The Federal Reserve's September 30 data would rank that amount 63rd among insured U.S.-chartered commercial banks by consolidated assets, ahead of Commerce Bank and BNY. Its outstanding loans also hit a record $12.5 billion, and its native token AAVE rose about 14% in 24 hours to $234, a level not seen since April 2022. Part of the rally is tied to a governance proposal that would let AAVE holders collect rewards from protocol fees, though it still requires further steps including an onchain vote.