February proved turbulent for decentralized lending as Aave faced an early-month market correction that triggered roughly $429 million in liquidations across 12,500 transactions.
Token Terminal reported this on March 9: despite the stress, the platform managed the event without operational issues. Stablecoin outflows totaled $1.7 billion, yet the network continued to operate smoothly.
The Aave Labs team reported that fees were flat, but revenue saw an increase of 31.24% from $10.21 million in January to $13.40 million in February.
At the same time, the effective take rate rose from 13.54% to 18.13%. Chainlink SVR, which is responsible for liquidation value transfer fees, accounted for $4.6 million or 34.4% of revenue. Aave’s GHO stablecoin helped increase revenue by 5.3%.
Mantle’s network now has $1 billion in deposits with the help of incentives for USDC, USDT, USDe, WETH, and GHO. The adoption was further fueled by the launch of the MetaMask Card in the US, Rabby Mobile with Aave support, and the deployment on MegaETH.
Audits from Trail of Bits, Sherlock, and ChainSecurity were also out. Governance proposals included sending all product revenue to the DAO treasury.
Also Read: Aave’s Strategic Expansion to Sonic Blockchain Boosts DeFi Growth and Revenue Models
Total value locked in February averaged at $44.94 billion. This is lower by 21.58% from January but is an increase of 38.47% over last year. Ethereum still dominates at 81.46% of TVL.
Source: Token Terminal
Plasma, Base, and Arbitrum One accounted for 9.05%, 3.00%, and 2.96%, respectively. WETH is the largest asset at 16.1%, followed by USDT at 14.1%, and then weETH at 11.9%. Stablecoins make up more than a third of deposits.
Active loans stood at an average of $17.79 billion, down by 23.45% from January but 38% higher than February 2025.
Source: Token Terminal
The most utilized asset for borrowing was WETH at 36.4%, followed by USDT at 22%, and then USDC at 19.7%. Ethereum saw a small dip in loan volumes, but Plasma saw an increase.
Source: Token Terminal
Despite the decrease in TVL and active loans, the market value of the GHO increased to $467.53 million, an increase of 6.74% from the previous month in January.
The stablecoin ended February at approximately $480 million. The monthly active users increased by 34.88%, reaching 154.63K, mostly on layer 2, with Base at 34.8%, Ethereum at 22.68%, and Arbitrum One at 19.04%.
Source: Token Terminal
Meanwhile, Aave remained in a strong position in the market with 59.36% active loans. This was also above the total lending volume of the competitors that Aave was tracking.
Source: Token Terminal
The results for February indicate that Aave can withstand the shocks in the market while still expanding its user base.
Also Read: AAVE Aims For the $394 Price Mark, as TVL Hits a New Record
