Aave has captured almost half of the lending market YTD 2026 $11.7B active loans - 48.4% market share Active loans show where DeFi credit actually lives. Lending is not won by liquidity alone. It is won when borrowers trust the market enough to borrow, builders trust it enough to integrate, and capital trusts it enough to come back after things break. So far this year, the Aave thesis has been tested across multiple layers: - V4 tested architecture. - Whop Treasury tested distribution. - Aave Shield tested UX risk. - Kelp/rsETH tested collateral risk and ecosystem coordination. Not everything is always clean or perfect. The important part is that each issue is being handled with more structure, better guardrails, and stronger coordination across the ecosystem. And right now, @aave is still where DeFi credit is most concentrated. Source: @tokenterminal