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Aave Leads DeFi Lending in February as GHO Supply Doubles

The protocol continued to dominate DeFi lending revenue in February and expand its stablecoin footprint.
By: Jona Jaupi • March 13, 2025
Aave Leads DeFi Lending in February as GHO Supply Doubles

Aave solidified its dominance in the DeFi lending sector in February, capturing 75.8% of total revenue among the top 10 lending protocols, according to Token Terminal.

The protocol generated $8.6 million in revenue, significantly outpacing competitors Venus and Moonwell, which earned $1.5 million and $400,000, respectively.

At the same time, Aave’s treasury hit an all-time high of $100 million, excluding unallocated AAVE tokens. This marked a 22% increase from January and a 132% surge from February 2024, according to Token Terminal.

Meanwhile, Aave’s native stablecoin, GHO, continues to gain traction, with its circulating supply exceeding $200 million — doubling since August 2024. As of March 12, GHO’s supply stands at $204 million, held by approximately 3,100 unique addresses.

GHO Market Cap chart
GHO Market Cap

The surge in treasury value and GHO’s expanding footprint underscore Aave’s increasing dominance in decentralized finance (DeFi). Aave currently boasts a market capitalization of $2.5 billion and a total value locked (TVL) of approximately $17 billion, according to DeFiLlama.

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