Derived from Forklog, the DeFi lending market reached a record $73.59 billion in Q3 2025, driven by on-chain protocols like Aave and Morpho. Meanwhile, centralized platforms like Nexo and Tether saw only partial recovery, with total loan volumes still 34.3% below their 2022 peak. DeFi now accounts for 66.9% of the crypto lending market, up from 48.6% in 2021, as users shift toward trustless systems following the collapse of major CeFi players like BlockFi and Celsius.
DeFi Lending Surpasses $73 Billion in Q3 2025 as CeFi Struggles to Recover
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Summary
DeFi lending hit $73.59 billion in Q3 2025, showing strong market performance. Aave and Morpho led the growth. CeFi platforms like Nexo and Tether remain 34.3% below 2022 highs. DeFi now holds 66.9% of the crypto lending market, up from 48.6% in 2021. Market cap shifts reflect user trust in decentralized systems after major CeFi collapses.
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