Aave TVL climbs 13.7% to $27.4 B in August as loan volume hits $11.7 B

Aave reported a strong rebound in August, with total value locked (TVL) averaging $27.4 billion, a 13.7% increase from July. Active loans rose to $11.7 billion, giving the protocol a 47.8% share of the tracked lending market.

Key performance metrics

• Average TVL: $27.4 billion (up 13.7% MoM, down 57.6% YoY)
• Active loans: $11.7 billion (up 12.9% MoM, down 56.9% YoY)
• Fees generated: $33.9 million (up 15.2% MoM)
• DAO revenue: $4.9 million (up 9.2% MoM)
• Monthly active users: 68,900 (down 3.8% MoM)

Market share and capital distribution

Aave’s loan book represented 47.8% of the lending sector tracked by Token Terminal, up 1.2 percentage points from July. Ethereum remained the dominant source of capital, accounting for $22.9 billion (83.5% of TVL) and $9.6 billion of active loans (82.4% of protocol loans). The next largest chains were Plasma ($797.6 million), Base ($328.2 million) and Arbitrum ($316.6 million).

Asset composition

Borrowing was concentrated in WETH and stablecoins. Outstanding debt comprised $4.1 billion of WETH (35.3%), $2.7 billion of USDT, $2.6 billion of USDC, $732.6 million of USDe and $702.8 million of USDT0. Fee revenue was led by USDC ($9.6 million), USDT ($9.4 million) and WETH ($7.9 million).

Aave V4 growth

V4 TVL averaged $442.3 million, up 53.4% MoM, while active loans on V4 rose 62.9% to $154.9 million. Deposits on the Optimism‑based Ether.fi Cash instance grew from $17.5 million to $237.1 million by month‑end.

Horizon and GHO expansion

The Horizon market, which backs loans with tokenized real‑world assets, held $371.6 million in TVL (up 6.1% MoM) and $115.3 million in active loans. RLUSD was the largest supplied asset ($161.7 million) and the top borrower ($84.5 million). GHO’s market cap reached $661.6 million, a 13.1% monthly rise and 154.7% YoY increase, marking 14 consecutive months of growth.

User activity trends

Active user counts fell for the fourth month in a row, reaching 68,900 in August, the lowest level since February 2024. Base accounted for the largest share of users (21,200), closely followed by Ethereum (21,000).

Product updates

Aave launched early‑access iOS app on August 26 and continues development on Coinbase Tokenized Stocks, Stable Vaults, GHO and risk‑steward mechanisms for V4 on Ethereum and Avalanche.