Analysis of activity on credit platforms can sometimes be used as a barometer to measure sentiment towards the cryptocurrency market, as a larger number of secured loans can indicate that traders are ready to trade in an emerging market.
In April, The total blocked value for Maker (MKR), Aave (AAVE) and Compound (COMP) rose to new highs along with rising token values and trading volumes.
All three projects are network-based Ethereum (ETH) and have benefited from the rise in ETH prices as well as a recent decline in the average gas commission, which a Mandatory collection of users with decentralized financing (DeFi).
MKR / USDT
Maker saw the biggest price increase in April thanks to several factors including an update to its settlement engine and possible expansion of its list of approved warranties.
The maker protocol is responsible for creating the stablecoin DAI, who has seen his circulating supply reach a new high of 3,569 million tokens.
Data from DappRadar show that The Total Locked In Value (TVL) on the Maker Platform increased during the month of April and is now $ 11.09 billion. This makes it the number 1 among Ethereum-based DeFi platforms in terms of TVL.
The institutions are now getting involved in the cryptocurrency sector and are showing great interest in the growing Ethereum network, the ecosystem MakerDAO and its DAI stablecoin could see further gains in users and TVL as one of the most established and enduring DeFi protocols in space.
AAVE / USDT
The growth of the AAVE ecosystem began in mid-April after the start of the project in the Polygon network. to scale the protocol while it remains on the Ethereum network.
The start was well received, as what shows The fact that the Polygon-based AAVE protocol had more than $ 1 billion in liquidity within 10 days of its inception.
Polygon’s rising price and rapid growth of its DEX, QuickSwap, coincided with a sharp increase in the TVL of the AAVE protocol, which is now $ 10.56 billionAccording to DappRadar.
The rapid rise in TVL that began on April 25 coincided with AAVE price up 55% from a low of $ 315 to a high of $ 534 on May 3rd. The migration of AAVE to the Polygon network and the associated increased scalability continue to attract new users and push the price of the token to new highs.
COMP / USDT
Compound price tumbled both ways in April, but that didn’t stop protocol from hitting new all-time highs.
Data from Cointelegraph Markets and TradingView show that After rebounding from a low near $ 430 in April, COMP rose 104% to hit a new all-time high of $ 879 on May 2nd.
The main driving force behind the excitement in the community was a series of governance votes. as well as approval the second batch of development grant recipients.
According to DappRadar The composite protocol TVL topped $ 11 billion in mid-April before a general market downturn caused prices to fall and the value of assets locked on the platform plummeted.
Now that the markets seem to be waking up With Ethereum just hitting a new all-time high and Bitcoin (BTC) trying to break above the USD 58,000 level, the TVL and COMP price could rise again.
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