Decentralized finance (DeFi) is transitioning from a utopia for developers to a cornerstone of the crypto economy. The volume of funds locked in DeFi is reaching records, indicating its sustainable growth.
A Historic Peak for DeFi
In early June 2025, DeFi crossed a symbolic milestone—the total value locked (TVL) in its lending protocols exceeded 55.7 billion dollars. This surpasses previous records and is not a fleeting occurrence.
**Aave v3**, a leading player in crypto lending, saw its TVL rise by 55% within two months, reaching a peak of 26.09 billion dollars. Its daily revenue reached 1.6 million dollars, prompting a positive response from the community.
Three Protocols, Three Visions: Aave, Morpho, Maple
This surge in DeFi is attributed to several significant players. **Morpho Blue** and **Maple Finance** have significantly contributed to this growth, each with distinctive lending models. Morpho, with a TVL of 3.9 billion, offers a modular protocol that allows the building of individual markets. Meanwhile, Maple, with a TVL of 1.37 billion, specializes in uncollateralized lending on real assets, actively reshaping traditional financial approaches.
The Crypto Lending Market: Between Consolidation and Risks
The overall crypto lending market remains dynamic. In 2021, outstanding loans reached 64.4 billion dollars, but by the end of 2024, it fell to 36.5 billion dollars. However, in 2025, a slow recovery is evident. For the first quarter of 2025, the market reached 39.07 billion dollars, showing a 4.9% decline quarter-over-quarter. It is important to note that the market remains sensitive to collateral volatility and regulatory risks that persist.
The resurgence in decentralized finance and significant growth in lending indicate its strengthening and reevaluation. Despite the risks and need for regulation, DeFi is becoming an integral part of the financial system.
