DeFi lending just had a very good summer. Total active loans across major decentralized lending protocols climbed to $26.1 billion in August, up from $20.1 billion in June. That’s roughly 30% growth in two months, and Aave is eating nearly half the pie.
The protocol commands approximately $12.5 billion in outstanding loans, good for about 48% of total market share.
The competitive landscape beneath Aave
While Aave towers over the field, the runners-up are putting up respectable numbers of their own. Morpho sits in second place with $5.1 billion in active loans. Spark rounds out the top three at $2.1 billion.
The gap between first and second is telling: Aave holds more than double Morpho’s loan book, and nearly six times Spark’s.
