Aave Records 155,000 Monthly Active Users in February Amid Rising Onchain Lending Demand

DeFi lending protocol Aave recorded about 155,000 monthly active users in February, marking an all-time high and nearly doubling its user count from six months earlier, Decrypt reports. Sean Dawson, Head of Research at Derive, said yields from mainstream basis trades such as holding sUSDe have dropped below 4% from 10%–30% annualized returns, driving capital into DeFi lending. Peter Chung, Head of Research at Presto Labs, stated Aave is viewed as key onchain financial infrastructure, with total value locked near $27 billion across 20 chains despite recent governance exits by the Aave Chan Initiative and BGD Labs.