AAVE commands $61.2B TVL in decentralized lending, nearly 8x larger than nearest competitor Morpho at $7.8B. But the real momentum is happening beneath the surface with actual lending activity. Active loans tell the growth story: - Surged 260% over the past year to $27.1B - Strong acceleration since Q2 2025, climbing from ~$10B to current levels - Consistent weekly growth trajectory maintained throughout 2025 This reflects sustainable DeFi lending growth with more borrowers joining, increased capital deployment, and greater real utility across established protocols.