Decentralized finance (DeFi) lending protocols witnessed a major resurgence over the past 24 hours, gaining $2.3 billion in total value locked (TVL) amid a broader market rally. The sharp uptick in on-chain activity fueled a significant increase in active loans and triggered outperformance across lending-related tokens.
$2.3B TVL Surge Highlights Renewed DeFi Demand
According to DefiLlama, the TVL of DeFi lending platforms surged from $40.36 billion to $42.69 billion, representing a 6% daily increase. This robust growth highlights renewed investor confidence in decentralized lending solutions, as macroeconomic uncertainty drives demand for transparent, on-chain financial instruments.
At the same time, Token Terminal data shows that active loans climbed from $16.4 billion to $17.1 billion, marking a $700 million rise between April 21 and April 22.
Aave Leads in Active Loans But Sees Revenue Drop
Aave, the largest decentralized lending protocol, led the surge with a $562 million increase in active debt, pushing its total beyond $11 billion. However, despite the lending volume spike, Aave’s revenue dropped dramatically — from $418,000 to just $67,430, suggesting a decline in fee collection or a temporary reward adjustment.
Other protocols also posted impressive loan activity:
- Euler recorded nearly $30 million in new loans, making it the second-largest gainer by volume.
- Fluid and Compound followed closely with $14 million and $13 million daily increases, respectively.
Lending Tokens Outperform the Market
The surge in lending activity translated into strong performance for related tokens. According to CoinGecko, lending tokens saw an average 7.7% price increase, outperforming the 5.4% market-wide daily average. This performance ranked the lending category as the fifth-best-performing crypto sector out of 22.
In April 23th, notable gainers included:
- Maple Finance (SYRUP): Led the pack with a 18% surge, nearly doubling the sector average.
- Euler (EUL): Gained 16%, reflecting rising usage and investor interest.
- AAVE: Rose 13.5%, continuing its dominance in the lending landscape.
- MORPHO: Recorded a solid 11.83% gain, keeping pace with broader lending trends.
Institutional and Retail Confidence Returns to DeFi
The latest surge in DeFi lending metrics and token prices points to renewed institutional and retail interest. With centralized platforms facing regulatory pressure and traditional markets showing signs of volatility, users are increasingly turning to DeFi for capital efficiency and transparency.
The growth in both TVL and active loans — paired with strong price performance — signals that DeFi lending may be entering a new phase of mainstream acceptance and capital inflow.
Conclusion
As DeFi lending platforms continue to attract capital and user engagement, the sector is reasserting itself as a cornerstone of the decentralized ecosystem. While protocols like Aave and Euler lead the charge, other platforms are also capturing meaningful growth. If this momentum persists, DeFi lending tokens could continue to outperform and solidify their position as high-conviction assets in 2025.
