DeFi is back at scale. Total DeFi TVL has crossed $160B, the highest since the 2021 cycle, and within that, lending protocols dominate with $83.6B locked. ➢ Base APYs: 4–5% on stables, showing compression as capital floods in. ➢ Looping meta: Spark, Euler, and Morpho still unlock 20–25% compounded yields. ➢ Leaders: Aave ($41B, 49% share), Morpho ($8.5B), Spark ($5.5B), JustLend ($5.2B). ➢ Revenue power: $42.7M in fees and $5.56M revenue over the last 7d → $3.2B annualized fee run-rate. The story isn’t just deposits returning. It is that DeFi lending is monetizing like never before while offering permissionless yield curves that beat both banks and RWAs. ● Market Context: $130B Total, $85B Lending - Total DeFi TVL: $163B (cycle ATH), +100% since September 2024. - Lending share: $83.6B (≈65% of DeFi). This cycle’s composition is clear: money markets are once again the engine, powered by stablecoin inflows ($224B sector mcap, +76% YoY). Lending’s comeback follows the 2022 crash,...
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