MakerDAO’s actions against Aave had these repercussions on the DeFi platform

The crypto market continues to take heavy blows across the bearish market. Due to the current market turmoil, DeFi’s total value locked (TVL) decreased by 55% since the end of April. In fact, at press time, the total TVL decreased significantly this month. Recording a 10% decline (stood at $75 billion) in its TVL in the last 24 hours.

But looks like one platform suffered the most of the lot.

Sinking ship

Amongst the top five DeFi protocols with the largest TVL, Aave Protocol appeared to have suffered the most decline over the past 24 hours. In a month, the protocol witnessed a 41% correction and currently stood at a TVL of $5.64 billion and ranked second on the ranking of DeFi protocols.

Source: DefiLlama

In terms of price, AAVE witnessed a fresh correction as it slid under the $58 mark- marking a massive decline. Around 6 June, the AAVE token broke past its crucial…


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