tl;dr
Aave has reached multiple all-time highs amid a strong crypto market, hitting $3 trillion in cumulative deposits, surpassing $29 billion in active loans, and achieving a total value locked (TVL) above $40 billion. DeFi lending has become the second-largest DeFi category with $75.3 billion in TVL, gr...
Aave reached multiple all-time highs this week, fueled by the heated crypto market. The money market protocol hit $3 trillion in cumulative deposits on August 15, while surpassing $29 billion in active loans on August 13, according to Token Terminal data. Additionally, Aave’s total value locked (TVL) climbed to a record high above $40 billion on August 14, based on DefiLlama data.
The achievements come amid DeFi lending emerging as the second-largest category with $75.3 billion in combined TVL. DeFi lending protocols collectively manage $75.3 billion in total value locked across 540 protocols, making it the second-largest DeFi category behind liquid staking’s nearly $81 billion. The lending sector has shown strong recent growth with an 18.7% increase over the past month, outpacing most other DeFi categories.
Active loans in the sector hit roughly $43 billion on August 13, a new record. Within this landscape, Aave commands a dominant position with approximately 66.7% market share of the DeFi lending market. Its nearest competitor, Morpho, holds just $6.3 billion in deposits, making Aave nearly six times larger. Aave’s TVL has grown 25.7% over the past 30 days, and active loans increased by nearly $8 billion (38%) in the same period. This growth positions Aave among the top 41 US-chartered commercial banks by deposit volume, ahead of institutions like Barclays.
The AAVE token has surged 138% from its 2025 bottom on April 8. Aave founder Stani Kulechov projects the platform could reach $100 billion in net deposits before year-end, placing it among the world’s 35 largest banks on par with Deutsche Bank. The protocol’s expansion has been driven by institutional adoption and strategic partnerships. Nasdaq-listed BTCS uses Aave to generate yield on Ethereum holdings, while $6.4 billion of Ethena’s USDe stablecoin and related assets are deposited on the platform.
Aave’s multiple records this week demonstrate the protocol’s evolution into potential institutional-grade financial infrastructure, capturing market share as traditional financial institutions increasingly integrate decentralized lending services.