Aave, a decentralized finance (DeFi) protocol, has achieved a significant milestone in India with its total value locked (TVL) reaching a record-breaking $40.3 billion on May 12, as reported by DefiLlama. The latest version of the protocol, Aave v3, accounts for approximately $40 billion of this TVL. Aave allows users to borrow cryptocurrency by using other cryptocurrencies as collateral, while lenders earn yields from borrowers. DeFi analyst Jonaso commented on Aave’s dominance in the Lending Space following these achievements. The TVL represents the total value of cryptocurrency deposited into a protocol’s smart contracts. Aave’s TVL has been driven by inflows of deposits by users, with Ether and its staking derivatives making up nearly half of the TVL. The TVL in ETH terms has increased from around 6 million ETH at the beginning of 2025 to nearly 10 million ETH on May 12. Aave’s native token, AAVE, has seen a 25% rise in the past seven days, reflecting the positive trend in the crypto market and ongoing TVL inflows. The price of Ether has also experienced significant gains, rising from around $1,500 per Ether 30 days ago to approximately $2,500 as of May 12. This surge in TVL and cryptocurrency prices showcases the growing popularity and adoption of DeFi protocols like Aave in the Indian market.