The head of research at Intotheblock.com revealed that someone had put 125,000 ETH into the decentralized finance (defi) platform Aave on Christmas Day. The platform was buzzing with activity throughout the last quarter of the year.
$417 million worth of ether stored in Aave at Christmas
On December 25, amid the holiday season, someone using an account linked to the crypto exchange HTX funneled 125,000 ETH, worth $417 million, to Aave. This defi protocol allows users to lend and borrow digital currencies, with features such as overcollateralized loans and flash loans. Aave includes 13 different blockchain networks.
Source: @LucasOutumuro from Intotheblock.com on X.
The colossal ethereum deposit was unearthed by Lucas Outumuro, head of research at Intotheblock.com, who pointed out that the funds carried an HTX address. Aave has been buzzing with activity lately, thanks to several crucial updates and influences. In particular, the crypto project linked to newly elected US President Donald Trump allowed World Liberty Financial to obtain $1 million worth of the aave (AAVE) token.
Additionally, Aave has woven Chainlink’s Smart Value Recapture (SVR) oracle into its system, and with the launch of Aave version 3, it has made improvements such as better capital utilization, cross-chain liquidity shifts, and lower gas costs. Currently, Aave’s total value locked (TVL) stands at $20.483 billion, boasting the highest monthly percentage growth (12.43%) among TVL’s top five defi platforms.
Meanwhile, Aave’s stablecoin GHO has seen its supply decline by 14.5% over the past 30 days. GHO’s market cap as of December 26 is $147.13 million. The sizable Ethereum deposit into Aave on Christmas Day shows some smart play, perhaps anticipating expansion or taking advantage of new protocol features. The move reflects a broader trend of funds entering defi in recent months, driven by technological innovations and political nods (particularly from Trump), suggesting an ecosystem ripe for growth.
The researcher also revealed that the same user has deposited a whopping $1 billion in total into the lending platform. As Outumuro of Intotheblock.com said on X, “Defi doesn’t sleep.”
