The amount of clearing on the Ethereum chain reached the second highest level in history in August

The total amount of clearing in the Ethereum on-chain lending market reached $436 million in August, and Aave accounted for $289 million of that, or about 66% of the total clearing amount. This is the second highest monthly amount of clearing in the Ethereum on-chain lending market in history, only lower than in May 2021, when the clearing amount was about $671 million. The reason for these unusually high amounts of on-chain loan clearing is obvious: the price of ETH fell by 22% in August-on-month, and even fell by 35% month-on-month at the monthly low.