July Was DeFi Lending's First Month of Growth in 2026 After five straight months of decline, active loans across the largest lending protocols rose from $20.7B in June to $22.2B in July - up 7.2%. • Jan - $34.6B • Feb - $28B • Mar - $27.1B • Apr - $26.1B • May - $22.3B • Jun - $20.7B • Jul - $22.2B Two things stand out. Aave and Morpho together hold nearly two-thirds of the market - Aave alone is worth more than every protocol below Morpho combined. And the recovery is smaller than it looks: even after July's bounce, active loans sit 36% below where they started the year. One green month after a 40% drawdown reads more like a first attempt at a floor than a confirmed reversal. Data source 🔗 Cryptorank