Three protocols sit under the same label.

They’re expanding into completely different markets.
The numbers:
> @Aave: $10.3B active loans
> @Morpho: $4.1B active loans
> @maplefinance: $1.3B active loans
Looking only at loan books makes Aave look dominant.
Looking underneath changes the comparison.
Aave grows as more collateral comes onchain.
Morpho grows as more capital routes through its lending infrastructure.
Maple grows as institutional borrowers adopt onchain credit.
Those growth drivers don’t compete with each other.
They’re tied to different markets.
Morpho’s $234.3M in annualized fees alongside $0 protocol revenue reflects a protocol still prioritizing network growth over monetization.
Maple’s loan book is a fraction of Aave’s.
Its addressable market isn’t.
Collateral markets and credit markets have always been different businesses.
Crypto is starting to reflect that distinction.
The lending category stayed the same.
The market underneath it didn’t.