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DeFi loan volume hits highest level since August 2022

DeFi loan volume has reached its highest level since August 2022

It's safe to say that DeFi is following the market's lead and starting to come to life.

The total amount of loans on lending platforms has surpassed $6 billion. People are actively pledging their assets to borrow and making a buzz in other protocols.

The lending segment, as usual, is dominated by Aave by a huge margin. This platform has expanded quite a bit over the past few years:

- Aave supports more than 10 blockchains and has the third largest TVL of any app: $6.5 billion;

- Last month, they acquired Family Wallet and rebranded to Avara (the previous name of Aave Companies);

- Avara now has as many as 5 projects in the Avara ecosystem: Aave (lending), Family (wallet), Lens (social networking protocol), Sonar (mobile meta universe), and GHO (dollar-stablecoin);

- Also, after rebranding to Avara, they announced some new product launch that is still unknown. If they want to embrace all trends, they lack a protocol for liquid steaking.

Aave's only serious competitor in the lending segment is Compound. They are finally starting to expand into other blockchains, but they still have a long way to go before Aave.