Is Morpho proving more resilient than Aave? Morpho’s active loans are up 40% since October 2025, through the bear market. Base accounts for 66.6% of L2 active loans. Within Base, Morpho holds 83.4% of the lending market, compared with Aave’s 13.8%. Michael attributes the difference partly to product structure. Morpho offers a more “structured credit” product, while Aave is more exposed to risk-on conditions and users looping collateral to rehypothecate it for yield. For ethereum:native investors, the question is what lending activity across L1s and L2s means for ETH’s value accrual. We recently shared our Q3 ETH ecosystem update with TDR Pro members. Sign up below in comments to access it. 👇
The DeFi ReportShare
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