Decentralized finance (DeFi) loan protocol Aave has seen an explosion in the number of flash loans issued — with the daily value of said loans growing more than 1,000% since the start of July from $11 million to more than $130 million as of July 27.
The record loan issuance has seen Aave ascend to rank as the fourth-largest DeFi protocol by locked funds, with nearly $392.9 million in capital currently tied to the project, according to DeFi Pulse.