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DeFi protocol Aave encounters major capital flight -Breaking


© Reuters.

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% lower than the average of 6.50% a day before.

AccordingAccording to Igor Igamberdiev (crypto researcher), Justin Sun, a blockchain personality was responsible for billions of dollars worth in withdrawals over the last few hours. Aave’s TVL or total value locked fell to $14.7billion from $17.89billion the day before. This is based on DataDeFi Pulse