Aave Horizon became the largest and most liquid RWA market in DeFi within a week. Users can borrow and lend stablecoins against tokenized assets, 24/7 outside of TradFi hours.

Horizon 100M

No one is talking about it, but Aave just registered its second highest monthly revenue ever, at $16.5M. Not fees, protocol revenue. These are extremely impressive numbers, and should only grow with Horizon now allowing institutions to unlock liquidity with RWAs.

Last week, Aave Horizon surpassed $100M in deposits just one week after launch, becoming the largest RWA market in DeFi. Users can lend stablecoins against traditional assets and borrow 24/7, even outside of TradFi hours.

USYC holders, welcome to Horizon. Say hello to 24/7 access to USDC, RLUSD and GHO.

Aave Protocol revenue: 2022 $5,224,376 2023 $22,544,286 2024 $90,416,869 2025 so far $86,277,809 (flipping 2024 soon) Fundamentals by $AAVE.

Horizon enables 6.25% yield on lending stablecoins against RWAs.

AAVE has become the second largest app by TVL on Ethereum L1. For the first time in a very long time, a DeFi app has overtaken Circle in TVL.

With business lines spanning trading, asset management, investment banking, and venture investing, Galaxy is a leading player in institutional digital assets. We looked at how they use Aave to manage treasury and build structured DeFi products. Read the case study ↓

Learn how publicly traded institutional digital asset firm Galaxy is using Aave, accessing 24/7 deep liquidity with highest capital efficiency in DeFi.

Aave's liquidity is already unmatched in DeFi, but V4 will take it to the next level by allowing multiple markets (i.e. Spokes) to draw from the same source (i.e. Liquidity Hubs). New markets will no longer need to build liquidity from scratch. Massive unlock.

Crypto-backed loans are back. Read how Aave can power crypto-backed loans for fintechs and exchanges.

I’ve been reflecting on this, and one way to measure RWAs onchain is through the lens of “productive RWAs.” Simply recording RWAs onchain as a database isn’t particularly interesting. What matters is when an RWA becomes active. For example, when it’s traded onchain or used as

Lending against RWAs yields on Horizon.

Banks take note. Aave smart contracts are a more resilient and lower-opex than manual back office operations.

It’s so great to have such high quality independent security researchers available to help secure such an important piece of infrastructure. We did not have them when I was leading the development of v3 almost 4 years ago. Such an invaluable contribution to the space.