According to @MilkRoadDaily, Aave now has $30.5B in outstanding loans, while the next largest protocol, Morpho, has $4.3B. Source: @MilkRoadDaily on X, Sep 19, 2025. The roughly $26.2B gap exceeds the entire DeFi lending market size a year ago as stated by the source. Source: @MilkRoadDaily on X, Sep 19, 2025. For traders, this concentration makes Aave the primary venue for on-chain borrow-rate discovery; monitoring utilization, borrow APYs, and liquidation metrics on Aave can inform risk and pricing decisions. Source: Aave Protocol documentation on utilization-based interest rate model.

According to @MilkRoadDaily, Aave’s outstanding loans have reached $30.5B, placing it at the top of DeFi lending by active credit exposure. According to @MilkRoadDaily, Morpho stands at $4.3B, implying a $26.2B gap between Aave and the next largest protocol. According to @MilkRoadDaily, that gap alone is larger than the entire DeFi lending market a year ago. Based on @MilkRoadDaily figures, Aave’s loan book is roughly 7.1 times Morpho’s ($30.5B vs $4.3B), a scale traders can use to gauge relative liquidity depth and borrowing conditions for AAVE-linked markets.