Crypto -Loingen is one of the most popular growth agents in Defi and has doubled its activity since the Bullmarkt of 2021. However, there is a limited interest in lending Dao -Tokens.
Crypto -Loingen have evolved since 2021 and has doubled in value since the peak of the previous bull market. In total, the credit protocols contain more than $ 46 billion in active loans, an increase of around $ 20 billion at the height of the market in 2021.
Crypto -lending is more diverse in 2025, but there is limited interest in loan projects. | Source: Token Terminal
Aave still has a large share in loans during the current cycle. The most important difference is that Curve Finance has usually repelled his loans and has become one of the small projects. Aave and Morpho have currently taken the lead.
The crypto -loin landscape is more diverse, with smaller projects that managed to cut a niche. Lending was also accelerated by the growth of Stablecoins, where some protocols took their own assets. For loan projects, improved measures against liquidations and the bullish direction of the crypto market meant that the sector achieved a robust recovery after the years of Berenmarkt.
The demand for loans means a steady inflow of reimbursements. Large protocols produce $ 40 million in weekly costs, with $ 5.28 million In income. Crypto credit projects are still highly dependent on the Ethereum ecosystem, where ETH is widely used for collateral. The total value locked in loan protocols is more than $ 92 billion, while Ethereum locks $ 56 billion in the best loaning apps.
Crypto -credit tokens are left behind
Despite the success of crypto -loans as an indispensable aspect of Defi, the tokens of loan protocols are not a hot story.
Aave remains the top protocol, but the Aave Native Token has only expanded to $ 291. The active is still 50% less than its peak of all time in 2021.
Lending -Tokens are now appreciated on a market capitalization of $ 9.88 billion, behind other stories. The collection of credit tokens is still in the green after the last market recovery. However, the trend in loans is comparable to other crypto sectors.
Although there are more products and better security, the tokens are not as attractive as during earlier market cycles. Projects also rarely advertise their token, instead aimed at their security and low liquidation risk.
RWA supports the Defi -credit trend
The approach of Crypto -Loingen shifted in 2025, aimed at less risky collateral. The biggest problem for borrowing in 2021 was the presence of Terra (Luna), which created an enormous amount of non -backed stablecoins.
In 2025, tokenized bonds means that protocols can support their stablecoins, not only with volatile crypto assets, but due to a low risk.
Currently, RWA -Tokens are not directly accepted as collateral. However, Stablecoins serve as a tucked US T-Bill debt and introduce an active with a low risk for loans. Moreover, for some projects the debts of the Tokenized also adds a source of predictable passive income.
Direct RWA -Loans are still rare, with limited safes with RWA tokens as collateral. In addition, projects such as Clearpool also grow their influence and offer P2P credit and tokenized private credit.
