Amidst the maelstrom of a precipitous crypto market decline, the decentralized finance (DeFi) behemoth, Aave, has emerged as a paragon of resilience, amassing $6 million in revenue during Monday’s market upheaval.

The recent debacle within the crypto sphere was precipitated by the Bank of Japan’s unexpected interest rate hike, compounded by a disheartening U.S. employment report on Friday. This cascade of adverse events culminated in Ether (ETH) plummeting over 20% in a mere 24 hours, while Aave (AAVE) saw its market capitalization contract by 23.7%.

The ensuing pandemonium precipitated the liquidation of more than $1 billion in crypto derivatives, with DeFi protocols witnessing an additional $350 million in liquidations, as per data from Parsec Finance.

“Despite the tempestuous market conditions spanning 14 active markets on various Layer 1 and Layer 2 blockchains, Aave Protocol fortified $21 billion worth of value,” articulated Stani Kulechov, Aave’s progenitor, on X. “Aave Treasury garnered a formidable $6 million in revenue overnight, attributed to decentralized liquidations, thus fortifying market integrity.”

The drastic depreciation in crypto valuations incited a flurry of liquidations on Aave, notably a $7.4 million wrapped ether (WETH) position, which alone generated $802,000 in revenue for the platform, as evidenced by on-chain analytics.

Presently, the total value locked (TVL) in DeFi protocols has dwindled to $71 billion, a stark decline from the $100 billion benchmark at the month’s outset, according to DefiLlama.