Very nice overview of the state of lending markets
1. Euler and Maple led the growth in deposits and borrows YTD across all lending protocols
- Euler's growth is mainly driven by Usual stability loan looping
- Maple's growth is led by syrupUSDC
2. Aave leads in deposits across all categories.
- The category with the lowest market share for Aave is Yield Bearing stables at 47%, where Euler and Morpho has ~20% market share respectively
- Aave leads all categories in borrows as well by a very large margin
3. Aave is the largest Lending Market in most EVM Chains except:
- Base/Hyperliquid/Katana: Morpho
- Unichain: Euler
Competing directly with Aave remains highly challenging. Despite innovative designs from protocols like Fluid, Morpho, and Euler that offer additional yield or optimize risk and LTV, Aave continues to dominate as the lending market with the deepest liquidity, enabling more predictable and stable borrowing rates. That said, the market is certainly large enough to allow other lending platforms to grow.
4.82K
10
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.