The total value locked (TVL) on Mantle, the Ethereum Layer 2 network affiliated with the crypto exchange Bybit, reached a new record high on March 9, crossing the $1 billion mark for the first time with $1.06 billion, according to DefiLlama.
The increase follows the launch of Aave, the largest lending protocol in decentralized finance (DeFi), on Mantle in mid-February. As of today, Aave on Mantle has surpassed the total credit and lending market size of $1.2 billion.
“Aave effect,” says Aave founder Stani Kulechov.
Mantle’s DeFi TVL increased nearly fourfold from $255 million in the month after the Aave integration, and rose 33% in the past week alone.
An incentive program that awards MNT tokens to users who lend and borrow on the network accompanied the Aave implementation, likely accelerating the inflow.
According to DefiLlama, Mantle is now TVL’s twelfth largest chain, just behind Polygon with $1.15 billion, but ahead of Avalanche, which has about $800 million.