Finally, someone put Aave and SoFi on the same chart: 520 billion in supply vs. 3800 billion in ledgers, 700 million in interest vs. 1800 million in revenue. Measuring DeFi with the ruler of traditional finance—turns out, it’s pretty interesting. What exactly are we calculating?

Stani Kulechov pointed out that the valuation of DeFi lending should be based on traditional metrics such as lending activity and interest flows, rather than TVL. Comparing data at the end of 2025, Aave has approximately 52 billion in supply, about 2.2 billion in active loans, interest flows exceeding 700 million, and DAO reserves of 150 million; SoFi's loan book is 3.8 trillion, with revenue of 1.8 billion and net profit of 481 million. He emphasized that traditional finance evaluates based on loan books, interest income, and interest margins, and that Aave's lending business under traditional accounting frameworks is closer to a 700 million USD scale; TVL is not a revenue basis, but the core is the loan book and interest flow.