DeFi lending protocols gain $2.3B in TVL, fueling token outperformance

On-chain lending protocols added $2.3 billion in value locked (TVL) over the past 24 hours, followed by a roughly $700 million increase in active loans and an average 7.7% price increase for lending-related tokens during the same period.

Decentralized lending protocols saw their TVL rise from $40.36 billion to $42.69 billion amid the market rally over the past day, according to DefiLlama data. This movement corresponds to a daily increase of approximately 6%.

Simultaneously, active loans jumped from $16.4 billion to $17.1 billion between April 21 and April 22, based on Token Terminal data.

Aave saw the most new loans, registering a $562 million increase in active debt and surpassing $11 billion. Interestingly, Aave’s revenue did not mirror the increase in loans, falling from $418,000 to $67,430 as of press time.

Among the top 10 lending protocols, Euler was the runner-up in terms of daily increase in active loans, with users borrowing almost $30 million over the past 24 hours.

Fluid and Compound also saw two-digit loan increases, with daily growths of $14 million and $13 million, respectively.

Lending tokens surge

The growing metrics for on-chain lending protocols were reflected in token prices, as this category registered a 7.7% average gain in the past 24 hours, according to CoinGecko. This is the fifth-best-performing crypto sector out of 22.

According to Artemis data, the daily average performance of lending-related tokens also outperformed the market’s average increase of 5.4%.

CryptoSlate data show that Maple Finance’s SYRUP led among tokens with a market cap of over $100 million, with a 15.2% increase. This is roughly twice the average performance of lending-related tokens.

Euler (EUL) also registered a two-digit price increase, with gains of 11.6% over the past 24 hours. AAVE climbed 8,2%, while MORPHO registered a positive 7.2% performance.

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