POPA ReconJuly Was DeFi Lending's First Month of Growth in 2026
July Was DeFi Lending's First Month of Growth in 2026 After five straight months of decline, active loans across the largest lending protocols rose from $20.7B in June to $22.2B in July - up 7.2%. • Jan - $34.6B • Feb - $28B • Mar - $27.1B • Apr - $26.1B • May - $22.3B • Jun - $20.7B • Jul - $22.2B Two things stand out. Aave and Morpho together hold nearly two-thirds of the market - Aave alone is worth more than every protocol below Morpho combined. And the recovery is smaller than it looks: even after July's bounce, active loans sit 36% below where they started the year. One green month a…
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