Aave V3.7 on Monad tops $100 million in deposits in two days

Aave’s V3 deployment on Monad surpassed $100 million in deposits within two days of its July 2 launch, after drawing more than $75 million in its first 24 hours. The rollout marked the first official launch of Aave’s lending, borrowing and GHO stablecoin ecosystem on the chain, with support for 12 assets including USDT0, USDC, GHO, WETH and Coinbase’s cbBTC. The move also extends GHO beyond Ethereum Layer 2 networks for the first time. Monad, an EVM-compatible Layer 1 built by former Jump Trading engineers, has pitched itself as a high-throughput chain with 10,000 transactions per second and roughly 800-millisecond block times. A May proposal passed by TokenLogic said the Monad Foundation would provide $15 million in first-year incentives and hold 10 million GHO for more than six months, while the Aave DAO is allocating 500,000 GHO to help bootstrap adoption on the network. The deployment follows Aave’s broader multichain push and arrived after a Feb. 24 Temp Check, final approval in late June and a July 2 rollout. LlamaRisk supported the launch with cautious risk settings, noting Monad had been live for only seven months and that much of its DeFi liquidity had clustered in established protocols. Separately, Aave V4 on Ethereum surpassed $250 million in deposits, and Stani Kulechov said he expects Aave to keep expanding toward larger crypto-backed lending and, over time, securities-backed lending.