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The weekly deposits and borrowings in decentralized lending protocols have increased to $32 billion in total value locked (TVL). The current statistics obtained from DeFiLlama before October 2024 report high usage of such decentralized systems, highlighting top lending Protocols in decentralized finance (DeFi). These lending protocols allow users to lend and borrow different cryptocurrencies without involving third parties.
Top 10 Lending Protocols by Total Value Locked
The total value of assets locked in DeFi lending protocols is around $32B, according to @DefiLlama. Let’s compare the Top lending protocols by current TVL in USD, in order to evaluate their adoption scale. pic.twitter.com/njwlAjQHVG
— TOP 7 ICO | #StandWithUkraine🇺🇦 (@top7ico) October 16, 2024
Aave Dominates DeFi Projects in Terms of TVL Rankings
Aave, lending protocols in DeFi, currently holds the highest total value locked (TVL) at $11.9 billion. Aave’s dominance is followed by JustLend, a protocol with a TVL of $5 billion. Both platforms continue to show resilience in the DeFi landscape, attracting large volumes of capital despite market fluctuations.
Other notable players include Spark Protocol, with $2.34 billion in TVL, and Compound, another established lending platform, holding $2.048 billion. As the competition heats up, newer platforms such as Kamino and Morpho are also making their mark, with Kamino securing $1.47 billion and Morpho reaching $1.35 billion. These platforms demonstrate innovation in lending mechanics, further driving user interest.
Declining TVL Figures
The 30-day TVL change for many platforms reveals varying trends. JustLend, for example, experienced a 14.7% decline, while Aave saw a modest increase of 3.85%. Compound and Venus witnessed positive changes with a TVL of $1.88 billion, showcasing resilience despite the overall market volatility.
At the tail end of the top 10 list, Fluid and Avalon Labs lock in $412 million and $411 million, respectively. These newer protocols have garnered attention but have room for growth as they strive to expand their influence in the DeFi ecosystem.
These TVL figures largely reflect DeFi’s adoption scale and provide insight into the growing confidence in decentralized finance. These lending protocols are integral to DeFi ecosystems, allowing users to engage with lending and borrowing without centralized intermediaries, thus fostering trust and liquidity.
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