Aave's active loans grew more than $1 billion in the past 30 days, climbing to $11.3B from roughly $10B, according to protocol data confirmed by DefiLlama. Total value locked reached $14.67B, up 7.4% over the same period, while the protocol collected $27.1M in fees.
The growth puts Aave further ahead of Morpho, which holds $7.9B in total value locked and remains the second-largest lending protocol by deposits. The two compete directly for liquidity in the decentralized finance lending market, where borrowers post collateral to access stablecoins and other assets.
Aave's active loans metric counts outstanding borrows across all markets on the protocol. The $1B increase in 30 days comes as borrowers demand more access to assets across Aave's deployed chains, which include Ethereum, Arbitrum, Polygon and others. Fee collection of $27.1M over the period flows to Aave governance token holders and the protocol reserve.
The TVL growth of 7.4% month-over-month outpaces many lending protocols but remains below the gains Aave posted earlier in 2024, when the protocol recovered from regulatory pressure and competition from newer entrants. Morpho has gained ground since its launch in 2023 by offering customizable risk parameters and lower fees, though its absolute scale remains a fraction of Aave's.
Aave's active-loan base is now 44% larger than Morpho's entire TVL, a multiple that has widened as Aave's ecosystem has matured. Demand for on-chain borrowing has continued to grow despite broader cryptocurrency market volatility.
DefiLlama's tracker will show whether Aave maintains this monthly cadence of loan growth through the next reporting cycle.
