Aave passes $1tn in cumulative lending volume
Aave reported cumulative lending volume above $1tn in late February 2026, the first decentralised credit protocol to reach that figure.
Protocol
Aave
The largest onchain lending market by deposits, with interest rates set algorithmically from pool utilisation rather than by bilateral negotiation; its Horizon market takes tokenized money market funds and Treasury products as collateral.
The profile
The largest onchain lending market by deposits, matching suppliers and borrowers of crypto assets and stablecoins at interest rates set algorithmically from pool utilisation rather than by bilateral negotiation. The protocol debuted in 2020 out of ETHLend and is governed by the Aave DAO, with Aave Labs as the original author of the code. Its Horizon market accepts tokenized money market funds and Treasury products as collateral for stablecoin borrowing, making it one of the few venues where tokenized securities carry a publicly observable financing rate.
Products and services
- Aave V3
- Pooled lending markets deployed across several networks, where borrowing costs move with pool utilisation rather than negotiated terms.
- Horizon
- Institutional market accepting tokenized money market funds and Treasury products as collateral for stablecoin borrowing.
Coverage
Developments in which Aave is a named party, newest first.