Lending might be one of the cleaner rotations happening rn and nobody really talks about it.

Active loans:
• Aave $12.6B +11.9%
• Morpho $5.2B +15.2%
• Spark $2.1B +15.1%
• Fluid $1.7B +9.9%
• Maple $1.2B -9.9%
• Kamino $1.2B +27.9%
• Jupiter $902M +9.9%
@aave obviously still owns the category on size.
But that’s not really the part I’d focus on.
@Morpho loans are growing faster off a $5B base.
@kamino just did +28% in a month.
@0xfluid is quietly at $1.7B now.
And even Jupiter Lend is already pushing $1B.
Feels like lending went from “Aave and everyone else” to a bunch of venues actually finding their own flow.