On Aug. 15, the protocol crossed $3 trillion in lifetime deposits while surpassing $29 billion in active loans just two days earlier. Its total value locked (TVL) also climbed beyond $40 billion, a new all-time high.
The surge comes as lending establishes itself as DeFi’s second-largest category with more than $75 billion locked across over 500 protocols. Lending has grown nearly 19% in the past month, with active loans hitting a sector-wide record of $43 billion.
Aave’s footprint is unmatched — controlling about two-thirds of the market and overshadowing its closest rival, Morpho, by nearly sixfold. Its TVL has jumped 26% in the last 30 days, while loan activity soared almost 40%.
By deposit size, Aave now ranks alongside major commercial banks in the United States, ahead of names like Barclays.
The AAVE token has mirrored this momentum, rallying 138% since April. Founder Stani Kulechov has outlined an ambitious target of $100 billion in net deposits by year’s end, a figure that would put Aave on par with Deutsche Bank.
Institutional adoption has fueled this trajectory. Nasdaq-listed BTCS deploys its Ethereum through Aave to earn yield, while Ethena has deposited more than $6 billion of its USDe stablecoin ecosystem into the protocol.
With multiple milestones achieved in a single week, Aave is increasingly positioning itself as a financial infrastructure capable of competing with traditional banking.
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