Aave's active loans grew more than $1B in a month
Active loans on Aave climbed past $11.3 billion, up from around $10 billion a month ago, with total value locked rising 7.4% to $14.67 billion. Morpho, its nearest rival by deposits, holds $7.9 billion in TVL.
(Advertisement)
Aave Loan Book Crosses $11.3 Billion
Active loans on @aave have climbed past $11.3 billion, up from roughly $10 billion a month ago, according to protocol data tracked by DefiLlama. The roughly $1.3 billion increase in a single month points to sustained demand for decentralized borrowing, even as broader crypto markets have pulled back from late-2025 highs.
DefiLlama data shows Aave currently holds approximately $11.4 billion in active loans, with total value locked on V3 sitting at around $14.2 billion, up roughly 8% over the past 30 days. The original copy puts that TVL figure at $14.67 billion across the full protocol, with a 7.4% 30-day gain, alongside $27.1 million in fees for the period.
Aave V3 operates across 22 chains, with Ethereum holding the largest share at 82.9% of TVL. That multichain footprint has been central to the protocol retaining its position as the dominant DeFi lending venue despite growing competition.
Morpho Closes the Gap, But Aave Leads by a Wide Margin
Morpho remains Aave's closest competitor by deposits. DefiLlama places Morpho Blue at roughly $7.95 billion in TVL, compared to Aave's $14.67 billion, leaving a gap of more than $6 billion between the two protocols.
The gap between Aave and Morpho has been narrowing every quarter since 2024. Morpho's growth has been driven largely by its modular architecture. Aave V3 operates as a monolithic pool where every supplier shares one liquidity contract per chain and the protocol sets risk parameters governance-wide, while Morpho took the opposite path, building Morpho Blue as a minimal lending primitive where anyone can deploy an isolated market and curated vaults allocate deposits across those markets.
By the end of 2025, Aave accounted for 61.5% of active loan market share, 52.4% of total value locked in the lending sector, and 43.2% of lending-sector revenue. The latest data suggests that lead remains intact heading into the second half of 2026.
Sources:
DefiLlama: Aave Protocol Data
Aave 2025 Year in Review (Aave Blog)
(Advertisement)
Latest News
Read More...
Author
Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.