According to Token Terminal, Aave and Lido together have surpassed $70 billion in net deposits for the first time in history.
Aave (AAVE) holds the leading position with $34.3 billion, just ahead of Lido Finance’s (LDO) $33.4 billion. The two protocols together represent 75.25% of the $89.52 billion allocated to the top five decentralized applications, the highest ever, as of December 2024. The two projects together account for 45.5% of the total funds allocated have been allocated to the top 20 DeFi applications, representing $67.42 billion of the industry’s total net deposits of $148 billion. LDO leads in total value at $33.8 billion, followed by AAVE at $20.6 billion.
Overall, the DeFi sector has seen growth, with TVL increasing 107% this year, and at its peak on December 16, TVL reached $212 billion, marking the first time this value has ever exceeded $200 billion.
Revenue performance also reveals the power of these protocols. AAVE created $12.5 million in the last 30 days it grew 27.5%, and LDO reached $9.6 million, thanks to 24% platform growth.
In addition to deposits, the DeFi ecosystem also marked a record in trading volumes from decentralized exchanges, with a volume of nearly $380 billion in November, according to The Block. The share of trading volume executed on DEXs, as opposed to centralized exchanges, was 13.86% in October, the second highest on record, and closely follows the 14.18% in May 2023.
The DeFi lending market also grew significantly, with current loans reaching $21 billion in December. This is the largest monthly figure to date. Yield farming and staking represent one of the key tools of DeFi, forming a $200 billion stablecoin market. The tools allow users to earn rewards or borrow using stablecoins. They are amplified by DEXs and liquidity pools, meaning price decline is only minimal in markets with high activity. Stablecoins can also enter various blockchain networks, increasing their versatility and ease of use.