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The lending protocol recorded 1,806 new wallets in a single day—its highest daily increase since October 2021—according to Santiment. Over the past week, the AAVE token has risen करीब 20%, even as the broader crypto market trends lower.

Aave, one of the largest decentralized lending platforms by total value locked, saw its strongest surge in new users in nearly five years on June 30, signaling renewed interest despite ongoing market weakness.

The protocol added 1,806 wallets on the Ethereum network within 24 hours, marking its biggest one-day jump since late 2021, Santiment data shows.

This metric tracks new participants entering the ecosystem rather than activity among existing holders, with rising figures typically pointing to fresh demand.

AAVE’s price has partially reflected that trend. The token traded around $86.2 on Tuesday, down about 2.4% over the past day in line with a broader market pullback. Even so, it remains up roughly 9% over the week, outperforming many major tokens.

The protocol currently holds about $12.2 billion in total value locked, representing funds deposited for lending and borrowing.

Several factors are driving the renewed attention. Aave is rolling out its V4 upgrade on Ethereum, a major overhaul of its lending framework. At the same time, governance discussions around borrowing limits and a growing focus on revenue—through its Smart Value Recapture mechanism—are adding to momentum.

Institutional sentiment has also played a role. Standard Chartered released a long-term outlook in June, projecting AAVE could reach $3,500 by 2030 if it capitalizes on the expansion of tokenized assets.

These developments have brought DeFi back into focus, even as the broader market remains under pressure.

Santiment said this pace of wallet growth is typically seen as a positive signal, suggesting underlying demand is building and could support price momentum heading into July.

However, whether that trend holds remains uncertain. New wallets indicate rising interest, but not necessarily sustained engagement. The key will be whether this activity converts into deposits, borrowing, and protocol revenue.

In the near term, AAVE still faces headwinds from a weak macro environment. Bitcoin remains below $60,000, and most major tokens declined in the first half of the year.

If participation deepens into real usage, it could provide a stronger foundation than a short-term rally. Otherwise, the spike in wallet growth may prove to be a brief wave of speculative interest rather than the start of a sustained recovery.