Of course those yields are highly variable and have been diluted in the past day as more users supply liquidity to Aave’s V3 deployment on Avalanche — a tweet by Stablecoin Yields on Apr. 19 shows yields of 61% for USDT, above 38% for DAI, and over 17% for USDC.

Indeed, data provider DeFi Llama shows an jump in deposits into Aave V3 deployment on Avalanche — total value locked jumped from $6.39M on Apr. 19 to $1.01B. That’s well over a hundred fold increase in a day, which shows how responsive the market is to incentives (and how quickly the resulting yields get diluted).

Now at $4.21B, Aave V3 stands as the No. 1 ranking DeFi protocol in TVL terms on Avalanche, according to DeFiLlama. Despite the near-50% drop, Aave’s V2 on the chain ranks second at the $2.65B mark. 

Benqi , another lending protocol native to Avalanche, sits in third on the blockchain in TVL terms at $1.61B.