The TVL of DeFi lending has reached a record high of 8 trillion yen, driven by AAVE, Morpho, and Maple.

## AAVE’s performance is strong.

The total value locked (TVL) in lending protocols within DeFi (decentralized finance) has reached a record high of $55 billion (approximately 8 trillion yen). The Block reported this on the 19th. Aave, Maple, and Morpho are leading the way.

The TVL of the leading lending platform Aave (AAVE) v3 reached an all-time high of $26.09 billion (approximately 3.8 trillion yen) last week. In early April, it was $16.87 billion (approximately 2.5 trillion yen), marking a 55% increase in just two months. Year-to-date, it has increased by over 32%.

DeFi (Decentralized Finance) refers to

Refers to financial services or systems that are conducted without a central administrator, utilizing blockchain technology. An abbreviation for “Decentralized Finance.” Financial services conducted in DeFi include the issuance of stablecoins, lending of currencies, and cryptocurrency exchanges. Many platforms utilize the Ethereum blockchain.

In April, Aave’s fee revenue averaged about $900,000 (approximately 130 million yen) per day, but in June it increased to about $1.6 million (approximately 230 million yen). Additionally, over the past three months, the AAVE token has risen more than 65%, significantly outperforming Bitcoin (BTC), which increased by 26% during the same period.

It is believed that the new chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, who made supportive statements regarding decentralized finance (DeFi) on the 9th, has also become a tailwind.

Mr. Atkins criticized the previous administration’s SEC for attempting to subject DeFi participants and others to securities laws. He clarified the view that miners, validators, and staking operators are outside the scope of securities law.

Maple and Morpho are also making strides.

In addition to Aave, other lending protocols such as Morpho Blue and Maple Finance have also recorded strong growth in the past few months.

The TVL of Morpho Blue is currently $3.9 billion (approximately ¥570 billion), reflecting a 38% increase year-to-date. The MORPHO token has risen 12% in the past three months.

Morpho is a decentralized lending protocol deployed on Ethereum (ETH) and Base. Major U.S. cryptocurrency exchange Coinbase offers loans on Morpho on Base, allowing users to borrow USDC using Bitcoin as collateral.

Maple Finance’s TVL is currently $1.37 billion (approximately 200 billion yen), representing an increase of 417% year-to-date. Additionally, Maple’s native token SYRUP has risen over 140% since its launch in November last year.

Maple Finance has entered the lending market backed by real-world assets (RWA) and is gaining attention. In particular, it offers a loan mechanism that allows lending with less collateral than usual by verifying borrowers’ credit data on-chain.

On the 12th, we announced a partnership with the liquid staking protocol Lido Finance. Institutional investors will be able to borrow stablecoins using the liquid staking token “stETH” issued by Lido Finance as collateral.