In Q1 2023, Aave’s network value increased, as did its revenue. However, a decline could be imminent considering the performance of the protocol in the first month of the second quarter.
In addition to the aforementioned information, the asset flows for the Arbitrum deployment significantly increased. This led to a 305% increase in outstanding loans from $21 million to $83 million.The report also mentioned the protocol’s performance in terms of network value. The value supplied on Aave increased by 45% in Q1.
This development happened while regulatory pressures increased. Furthermore, with their market share of deposits rising from 42% to 50%, ETH and its staking derivatives continued to be the main source of collateral on Aave.Speaking of revenue, Aave’s interest revenues in Q1 were on track to be within 1% of Q4 earnings. However, the scenario changed after the USDC depegging episode. Following three days of increased activity, the DAO earned $305,000 in interest income.
This was because the network’s usage registered a decline in the last quarter. For instance, the protocol’s daily active users declined by 34% in Q1, which looked concerning. The most significant reductions occurred on Optimism V3 and Polygon V3 . It was also interesting to note that a similar trend also remained true in Q2. Data from Santiment revealed that Aave’s daily active addresses have been declining since the beginning of April 2023.Upon shifting the focus from Q1 to Q2, it could be seen that the initial weeks of the new quarter haven’t been kind to the protocol. This was suggested by several on-chain metrics.
’s weighted sentiment remained pretty low, suggesting that negative sentiment was dominant in the market. Furthermore, its Market Value to Realized Value Ratio also declined sharply, thanks to its price action.
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