In a significant milestone for the Decentralized Finance (DeFi) ecosystem, Aave and Lido have together surpassed $70 billion in net deposits for the first time, as reported by Token Terminal.
As of December 2024, Aave holds $34.3 billion in net deposits, narrowly leading Lido Finance which has $33.4 billion. These two protocols account for 75.25% of the $89.52 billion allocated to the top five DeFi applications and 45.5% of the total funds ($67.42 billion out of $148 billion) among the top 20 DeFi apps.
In terms of total value locked (TVL), LDO leads with $33.8 billion, followed by AAVE at $20.6 billion. The DeFi sector has shown remarkable growth this year, with year-to-date TVL increasing by 107%. On December 16, the TVL peaked at $212 billion, breaching the $200 billion mark for the first time.
Revenue-wise, AAVE earned $12.5 million in the last 30 days, a 27.5% growth, while LDO reached $9.6 million, with a 24% platform growth.
The DeFi ecosystem also witnessed a record in decentralized exchange trading volumes. In November, the trading volume reached nearly $380 billion. In October, the share of trading volume on DEXes compared to centralized exchanges hit 13.86%, the second highest ever, trailing only May 2023’s 14.18%.
The DeFi lending market has grown substantially too. In December, current loans totaled $21 billion, the largest monthly figure so far. Yield farming and staking, key DeFi tools, underpin a $200 billion stablecoin market, enabling users to earn rewards or borrow. These tools, enhanced by DEXs and liquidity pools, minimize price slippage. Stablecoins can also operate across different blockchain networks, adding to their utility.
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