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The lending protocol saw 1,806 new wallets created in a single day—its strongest daily growth since October 2021—according to Santiment. The AAVE token has climbed करीब 20% over the past week, even as the broader crypto market remains under pressure.
Aave, one of the largest DeFi lending platforms by total value locked, recorded its biggest spike in new user activity in nearly five years on June 30, pointing to renewed interest despite a weakening market backdrop.
In total, 1,806 wallets were added on the Ethereum network within 24 hours, marking the highest single-day increase since late 2021, per Santiment data.
Network growth reflects the influx of new participants rather than trading among existing holders. Rising figures are typically seen as a sign of fresh demand entering the ecosystem.
Price action has followed suit, to an extent. AAVE traded near $86.2 on Tuesday, down about 2.4% over the past 24 hours in line with a broader market pullback. Even so, it remains up roughly 9% on the week, making it one of the few major tokens still in positive territory.
The protocol currently holds around $12.2 billion in total value locked, representing user deposits used for lending and borrowing.
Several catalysts appear to be driving the renewed attention. Aave is rolling out its Ethereum-based V4 upgrade, a major redesign of its lending system. At the same time, governance discussions around borrowing limits and a stronger focus on revenue—through its Smart Value Recapture mechanism—are adding to the narrative.
Institutional outlooks have also contributed. Standard Chartered published a long-term forecast in June, suggesting AAVE could reach $3,500 by 2030 if it benefits from the growth of tokenized assets.
Together, these factors have brought fresh focus to DeFi, even as the broader market trends lower.
Santiment noted that this level of wallet growth is typically seen as a constructive signal, indicating that underlying demand may be building and supporting price momentum heading into July.
Still, sustainability remains uncertain. New wallet creation signals attention, not necessarily commitment. Its importance depends on whether it translates into deposits, borrowing activity, and protocol revenue.
In the near term, AAVE continues to face broader market headwinds. Bitcoin remains below $60,000, and most major tokens declined in the first half of the year.
If rising participation turns into sustained usage, it could provide a stronger base than a short-lived price rally. If not, the spike in wallet growth may reflect temporary speculative interest rather than the start of a lasting recovery.
