DeFi

Aave

Morpho

Ethereum

Billion

<h2 id="aave-loan-book-crosses-11-3-billion">Aave Loan Book Crosses $11.3 Billion</h2><p>Active loans on <a href="https://aave.com" rel="noopener noreferrer nofollow">@aave</a> 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.</p><p><cite>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.</cite> 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.</p><p><cite>Aave V3 operates across 22 chains, with Ethereum holding the largest share at 82.9% of TVL.</cite> That multichain footprint has been central to the protocol retaining its position as the dominant DeFi lending venue despite growing competition.</p><h2 id="morpho-closes-the-gap-but-aave-leads-by-a-wide-margin">Morpho Closes the Gap, But Aave Leads by a Wide Margin</h2><p>Morpho remains Aave's closest competitor by deposits. <cite>DefiLlama places Morpho Blue at roughly $7.95 billion in TVL</cite>, compared to Aave's $14.67 billion, leaving a gap of more than $6 billion between the two protocols.</p><p><cite>The gap between Aave and Morpho has been narrowing every quarter since 2024.</cite> Morpho's growth has been driven largely by its modular architecture. <cite>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.</cite></p><p><cite>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.</cite> The latest data suggests that lead remains intact heading into the second half of 2026.</p><p>Sources:<br><a href="https://defillama.com/protocol/aave" rel="noopener noreferrer nofollow">DefiLlama: Aave Protocol Data</a><br><a href="https://aave.com/blog/aave-2025-recap" rel="noopener noreferrer nofollow">Aave 2025 Year in Review (Aave Blog)</a></p>

Aave's active loans grew more than $1B in a month

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