According to data from TokenTerminal, the two largest DeFi protocols, Aave and Lido, first surpassed the $70 billion mark in net deposits in December.

As of the time of writing, the total net deposits of these two protocols reached $67.42 billion. Among them, Aave leads with $34.3 billion in deposits, just $1.1 billion higher than Lido. The net deposits into Aave and Lido account for about 45.5% of the total $148 billion allocated to the 20 largest DeFi applications.

Source: TokenTerminal

However, when considering Total Value Locked (TVL), Lido leads the DeFi ecosystem with $33.8 billion, while Aave stands in second place with $20.6 billion. Net deposits reflect the total amount deposited into DeFi protocols, excluding fees or synthetic tokens, while TVL calculates the total assets allocated across all types of assets.

Furthermore, both Lido and Aave are among the group of DeFi applications generating the highest revenue. Over the past 30 days, Aave’s revenue has grown by 27.5%, reaching $12.5 million, climbing to the 10th largest protocol by revenue. Meanwhile, Lido recorded monthly revenue of $9.6 million, with a growth rate of 24%, maintaining its position as the 12th largest DeFi application by revenue.

The strong resurgence of DeFi

The DeFi ecosystem has recorded strong growth in 2024. The total TVL of the industry has grown by 107%, reaching $185 billion at the time of writing and peaking at $212 billion on December 16. This is the first time DeFi's TVL has surpassed the $200 billion threshold.

Other metrics also indicate a strong recovery in the market. The trading volume of decentralized exchanges has reached record levels across daily, weekly, and monthly timeframes. Data from DefiLlama shows that these protocols recorded nearly $380 billion in trading volume in November.

Moreover, the trading ratio between decentralized and centralized exchanges reached 13.9% in October, the second-highest level in history.

Source: The Block, Defillama

The DeFi lending market continues to grow strongly, with active loans reaching nearly $21 billion this month, the highest level for the month. This trend indicates that users are becoming increasingly confident in using on-chain financial services.

Additionally, the increase in active loans is also driving the development of the stablecoin market, which is currently valued at $210 billion, according to Coingecko. Users continue to use cryptocurrencies as collateral to borrow stablecoins, thereby increasing liquidity for their asset portfolio and enhancing their exposure to cryptocurrencies.

Stablecoin market capitalization | Source: Coingecko



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