DeFi protocol Aave encounters major capital flight -Breaking
The annual percentage yields or APY on crypto borrowings and Aave lending have reached record highs after capital withdrawals put the Decentralized Finance protocol in a liquidity crunch. Variable APY for borrowing stablecoin Dai via Aave was at the time of this writing. BoostedIt is 24.88% higher than the average of 6.50% a day before.
AccordingIgor Igamberdiev, cryptocurrency researcher, said that Justin Sun (a Blockchain personality) was responsible to at least billions dollars worth of withdrawals within the last hour. Based on Aave’s TVL (total value locked) of $14.7 billion, it fell from $17.89 trillion the previous day. DataDeFi Pulse
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