AAVE crypto price crashes as its top network metrics surge

AAVE crypto price continued its freefall this week, hitting its lowest level since June 28. The token has entered a local bear market after falling 23% from its July high of $337.

AAVE crypto price crashed despite booming ecosystem

Aave, the biggest player in the decentralized finance industry, is firing on all cylinders as its assets and fees jump.

DeFi Llama data shows that the total value locked in the ecosystem jumped to a record high of $35 billion this week. This is a strong surge for a platform that started the year with $21 billion in assets. 

One of the main catalysts for the surge is Ethena ena-5.48% Ethena, whose assets have jumped to nearly $5 billion recently. Dune Analytics data shows that they have jumped by over $1 billion in the past two days. 

This growth has led to a big increase in its fees. Data shows that AAVE has collected over $783 million in fees in the last 12 months. Its annualized earnings have jumped to $47 million, while the revenue soared to over $110 million.