On-chain lending protocols have seen a significant increase in value locked (TVL) over the past 24 hours, adding a total of $2.3 billion. Additionally, active loans have increased by approximately $700 million, with lending-related tokens experiencing an average 7.7% price increase during the same period. This surge in activity has resulted in a rise in TVL from $40.36 billion to $42.69 billion for decentralized lending protocols, representing a daily increase of around 6%.
Aave, one of the top lending protocols, saw the most new loans with a $562 million increase in active debt, surpassing $11 billion. However, despite the increase in loans, Aave’s revenue actually decreased from $418,000 to $67,430. Euler was another standout performer in terms of daily increase in active loans, with users borrowing nearly $30 million over the past 24 hours. Other protocols such as Fluid and Compound also saw significant loan increases, with daily growths of $14 million and $13 million, respectively.
The positive metrics for on-chain lending protocols were also reflected in the performance of lending-related tokens, which saw an average gain of 7.7% over the past 24 hours. This makes it the fifth-best-performing crypto sector out of 22. Maple Finance’s SYRUP token led the way among tokens with a market cap of over $100 million, experiencing a 15.2% increase. Euler (EUL) also saw a two-digit price increase of 11.6%, while AAVE climbed 8.2% and MORPHO registered a 7.2% positive performance.
Overall, the on-chain lending sector is experiencing a significant uptick in activity, with increases in TVL, active loans, and token prices. This surge in interest and investment in decentralized lending protocols highlights the growing popularity and utility of these platforms within the larger DeFi ecosystem. Investors and users are turning to these protocols for lending and borrowing needs, contributing to the overall growth and success of the on-chain lending market.
