Since the KelpDAO exploit in mid-April, Aave's marketshare of active loans has fallen from 61% to 45% and is the first time the protocol has controlled less than half of all onchain lending since February 2024. The lending space has since stabilized at around $22.5B in total active loans, but where is the capital moving? @Morpho has been the biggest beneficiary, growing its share from 15% to 20%. On a broader view over the last 30 days, Morpho (+15%), @0xfluid (+26%), @kamino (+18%), @maplefinance (+21%), and @JupiterExchange (+53%) have all seen lending activity rise. Meanwhile Aave is down 16%. Interestingly, this decline has continued despite a full industry bailout of $300M+ through DeFi United to cover the bad debt, signaling a structural element to the downtrend. data: @tokenterminal