The Aave project continues to soar in the sky of DeFi as it is the largest decentralized finance project by TVL. Defibules.

Aave’s express loans have recently reached more than $300 million since the project’s inception.

But at the beginning of July 2020, that number stood at just $14 million.

While today, according to data collected from the site Aviwatch the bulk of the express loans were issued last August 29 where the largest express loan of $14 million in Dai was made on this day, the largest transaction ever made on the Aave platform.

The explosion in flash loans on Aave shows the huge appetite for new financial products and the liquidity that is being provided through decentralized financing protocols.

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Aave started its career as “Ethlend” in 2017 and was rebranded to Aave in January 2020.

The project offers the possibilities of lending and borrowing in cryptocurrency and offering fast loans, that is, those loans that are issued only for the duration of one Ethereum block, which is estimated at about 15 seconds.

Loans are issued only if the borrower can repay the borrowed amount within one block, otherwise the issue transaction from Aave will fail.

Quick loans are used by traders in Ethereum programmed arbitrage transactions, where profits are earned by buying and then immediately selling an asset to a different buyer at a higher price.

Arbitrage deals are what keep prices on automated market makers like Uniswap and Balancer in line with market prices.

Mr. Stany Kulichov, CEO of Aave to source:

The largest consumer of quick loans is DeFi Saver, which allows users to change borrowed collateral with quick loans instead of paying off and get new loans separately, which is an interesting function.

We have also increased express loan activity from auditors who are using express loans to make their operations more efficient, and recently launched “Furucombo”, which allows users to easily try express loans.

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aims to bothDavy Sever” And the “FurukumpuTo allow more users to benefit from decentralized finance networks based on Ethereum by removing the need for high technical skills i.e. facilitating the process as much as possible.

Parts of the open source Ethereum smart contract code can be swapped or linked together as a core feature of the protocol, technically called “configurability.”

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For example, Furucombo provides smart contracts that allow users to transfer debt positions between decentralized finance protocols such as Aave and Maker in a single transaction with just a few clicks.

Without configurability, the transfer process would take multiple transactions, increasing gas costs and complexity for users.

Aave has seen a rapid development in 2020, recently releasing beta code in preparation for the launch of its decentralized governance system, dubbed “Aavenomics.”

It has also issued credit delegation capabilities, which allow authorized users to obtain loans using collateral provided by liquidity providers.

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