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.

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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