Gate Market Focus: The scale of ETH lending has surpassed 30 billion USD, and SOL stake ETF has exceeded 100 million, entering the traditional asset allocation system.

Bitcoin (BTC) is trapped in a consolidation range, and the pump of blue-chip alts has slowed down during the Asian session today (24). However, the market is focusing on positive news, with Ethereum's lending scale surpassing $30 billion, setting a historical high. Solana stake ETF has exceeded $100 million, and on-chain yields are entering the traditional asset allocation system.

Ethereum lending scale surpasses 30 billion dollars, setting a new historical high

According to Token Terminal data, as of July 2025, the total active loan scale of lending protocols under the Ethereum ecosystem has exceeded 30 billion USD, growing nearly tenfold from less than 3 billion USD at the beginning of 2023. This rapid upward curve not only reflects the recovery of DeFi lending activities but also indicates that on-chain capital utilization rates and leverage preferences are continuously increasing. Particularly in the context of the market's risk appetite warming and ETH prices steadily rising, users are more inclined to collateralize assets for leverage operations or liquidity cycles.

Behind this growth, on one hand, it benefits from the liquidity improvement of staked assets driven by the LRT (liquidity staking derivatives) narrative. Assets such as stETH and rsETH are widely used in lending protocols, promoting the circulation of funds and the popularization of leverage strategies; on the other hand, lending protocols like Aave, Morpho Blue, and Ethena Labs have also continuously improved capital efficiency through derivative leverage structures. In addition, institutional-level capital is intervening through composable strategies like EigenLayer, Instadapp, and Gearbox, making Ethereum the main battlefield for on-chain leverage and arbitrage strategies. Overall, this trend marks that Ethereum is transitioning from an "asset stagnation platform" to an "on-chain leverage and yield strategy center."

Solana stake ETF breaks 100 million, on-chain yields are entering traditional asset allocation system

Asset management company REX Shares launched the REX-Osprey SOL staking ETF (code: OSOL) on July 2, with assets under management exceeding $100 million, making it the first ETF in the U.S. market that combines spot Solana exposure with on-chain staking rewards. This product generates native yields through on-chain staking, allowing investors not only to benefit from the price pump potential of SOL but also to capture the current approximately 6% annualized native staking rewards of the Solana mainnet (data from Staking Rewards). Actual returns will depend on the ETF structure and execution efficiency.

This product has quickly attracted capital attention, reflecting the market's medium to long-term confidence in high-performance public chain assets. The collaboration between REX and Osprey also signals that traditional asset management institutions are gradually embracing the trend of allocating "on-chain yield-generating assets." With the success of OSOL, it is expected to drive more mainstream Layer 1 projects' staking yield products into the ETF framework, further promoting staking yield's incorporation into the traditional financial system.