Ethereum Lending Hits Record $22.6B in Active Loans

In Brief:

Active loans across Ethereum lending protocols have reached an all-time high of $22.6 billion.

Top platforms contributing to this surge include Aave, Spark, Morpho, Compound, and others.

The total value of active loans on Ethereum lending protocols has reached a record-breaking $22.6 billion, according to new data from Token Terminal. This marks the highest level in Ethereum’s lending market history and underscores renewed demand for on-chain credit.

Leading the surge are key protocols such as Aave, Spark, Morpho, Maple, Fluid, Compound, and Euler. These platforms have seen increased borrowing activity amid rising DeFi yields, greater institutional participation, and the expansion of tokenized RWAs.

The new high reflects the growing maturity of Ethereum’s lending ecosystem, which continues to attract both retail and institutional players seeking capital efficiency through overcollateralized and permissionless borrowing.

As DeFi markets stabilize and on-chain liquidity improves, many analysts expect lending volumes to keep growing—especially as new Layer-2 integrations and real-world assets add further depth to borrowing demand.

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