Aave TVL Tops $57 Billion in January Amid Rising DeFi Lending

Aave, the top decentralized lending protocol in DeFi, posted strong growth in January 2026. Total value locked (TVL) reached $57.33 billion, increasing 5.18% month-over-month and nearly 60% compared to January 2025, according to Token Terminal’s latest report.

Active loans also rose to $23.25 billion, reflecting sustained borrowing demand and continued confidence in Aave’s multichain lending infrastructure.

The protocol is increasing as a fundamental component of on-chain lending. The cumulative loans originated since the launch are close to $1 trillion. The Ethereum deposits on Aave’s main market reached record highs, and the share of DeFi total value locked increased from 8% to 28% in the past two years.

Ethereum Dominates, Multichain Activity Expands

The Ethereum network remains the dominant one for Aave, with over 80% of the deposits, loans, fees, and revenue. Other networks such as Plasma (8.2%), Arbitrum One (3.5%), and Base (2.6%) are increasing Aave’s presence on multiple chains.

Layer 2 chains had over 56% of the monthly active users. This indicates that while the total value locked remains dominated by Ethereum, the activity is gradually shifting towards Layer 2 chains.

Stablecoins contributed significantly to the development of the ecosystem. PYUSD deposits exceeded $400 million, and over $15 billion of stablecoin supply passed through the protocol.

New partnerships with Kraken DeFi Earn, Jumper Exchange, and Balance enabled Aave to enter CeFi and custody without splitting liquidity. Horizon, the market for lending secured by real-world assets, reached new highs with $600 million in deposits and $200 million in borrows.

Aave Posts $75M in January Fees, Up Nearly 15%

The network’s earnings in January were $75.13 million in fees, a 14.95% increase from December, although slightly lower than January 2025. The DAO revenue was $9.96 million, a 14.5% increase from December.

Ethereum accounted for more than 84% of the revenue, indicating better retention on mainnet than other chains. Monthly active users decreased to 114,600, down 5.8% from the previous month and 15.8% from the previous year.

The biggest market share was held by Base at 38%, followed by Ethereum at 20%, and Arbitrum One at 16.8%. Despite the reduction in active wallets, Aave further extended its lead in DeFi, with an average of 62.82% of active loans and lending more than all other competitors combined.

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