DeFi Lending Protocols Continue to Hit New ATHs in TVL and Outstanding Debt Regardless of Market Trend

The cryptocurrency market is recovering, with the total market cap now sitting at almost $1.97 trillion and on its way to hit the $2.55 trillion all-time high.

DeFi market cap has also surpassed $110 billion, back to May levels and near the May 12 peak of $150 billion, as per CoinGecko. Much like the market cap, the total value locked in the sector is also on an uptrend above $140 billion, inches away from $154.6 billion ATH, as per DeFi Llama.

DeFi bluechip and popular lending platform Aave is currently dominating the TVL at 9.48%, with its TVL at new ATH above $13 billion. Another lending protocol, Compound, is leading with almost $11 billion, just $1 billion away from its peak.

The original DeFi MakerDao is not among the top three but is in the fifth spot with $8.94 billion in TVL, and it has a way to reach the $15.19 billion ATH. However, this project is clearly winning in the revenue department.

In the last 365 days, MakerDao earned $62.3 million in cumulative protocol revenue, overall the fourth highest, according to Token Terminal. It also boasts $22.1 million in revenue in the last 90 days and $50.2 million in 180 days, coming in the fourth spot both times.

Compound meanwhile had $27 mln in revenue and Aave $14.2 mln in the last year while $21.2 mln and $13.7 mln respectively in previous six months, When it comes to the past three months, Aave did more at $9.3 mln in revenue than Compound’s $7.1 mln.

Axie Infinity (AXS), meanwhile, has beaten every protocol in every time frame, raking in over $85 mln weekly.

The top three DeFi money markets have together crossed $20 bln when it comes to outstanding loans. “Despite overly bearish sentiment and an aggressive down trend between May and July, usage of money market protocols didn’t dwindle whatsoever,” noted Delphi Digital.


Individually, Maker has $5.86 billion of DAI outstanding, a new peak, while Compound has $7.83 billion, still down from $8.68 billion ATH. As for Aave, it has climbed to a new ATH of roughly $8.2 billion.

Just last month, Aave revealed its permissioned liquidity pool for institutions called Aave Arc, which is KYC and AML compliant and starts with BTC, ETH, USDC, and AAVE. Compound announced its institutional-focused product offering a fixed 4% APR on US dollars the month before that.

Aave, Maker, and Compound are up 35.3%, 25.4%, and 19.6% in the last two weeks, trading at $402, $3,329, and $464, respectively, as of writing.

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