Lending protocol Aave has seen a sharp increase in lending activity on Ethereum, with net flows rising to $500 million in the past week

According to data disclosed by IntoTheBlock, Aave's lending activity on Ethereum has increased dramatically, with net flows rising to $500 million in the past week. Several indicators of the Aave protocol have hit new highs, and the total supply of stablecoins is also significantly higher than in 2021. According to DeFiLlama data, Aave's current TVL is higher than the last bull market in October 2021, hitting a record high of $38.6 billion. The protocol is estimated to have annual revenue of $117 million.