Ten crypto lending platforms hold $44,14 billion, which is 88,5% of a $49,87 billion market spread across 637 protocols. Aave V3 leads with $17,35 billion and Morpho Blue follows at $9,66 billion. The third and fourth largest, SparkLend and JustLend, hold $8,10 billion between them and appear on almost none of the published rankings. Figures read from DefiLlama on 4 September 2026.
| Platform | Supplied value | Share | Chains | Model |
|---|---|---|---|---|
| Aave V3 | $17,35B | 34,8% | 21 | Pooled, governed markets |
| Morpho Blue | $9,66B | 19,4% | 42 | Isolated markets, curated vaults |
| SparkLend | $4,44B | 8,9% | 2 | Pooled, Sky ecosystem |
| JustLend V1 | $3,66B | 7,3% | 1 | Pooled, Tron only |
| Maple | $3,11B | 6,2% | 2 | Institutional credit |
| Compound V3 | $1,41B | 2,8% | 10 | Single-borrow-asset markets |
| Kamino Lend | $1,31B | 2,6% | 1 | Pooled, Solana |
| Venus Core Pool | $1,28B | 2,6% | 8 | Pooled, BNB origin |
| Jupiter Lend | $1,07B | 2,2% | 1 | Pooled, Solana |
| Lista Lending | $0,85B | 1,7% | 2 | Pooled, BNB |
How this ranking was built
Order is set by value supplied to each protocol, as reported by DefiLlama in its lending category on 4 September 2026. That category held 637 protocols and $49,87 billion. Chain counts are the networks each protocol is live on at that date. The model column describes how risk is partitioned, which is the difference that actually separates these products.
Centralised lenders are excluded. They do not publish a comparable on-chain figure, so putting them in the same table would mean ranking audited numbers against marketing ones. Rates, liquidation parameters and oracle design are also excluded: they decide whether a market is safe and none of them reduces to one number.
The published ranges are wide enough to be useless
Summaries of this market circulating in September 2026 give Aave V3 a range of roughly $14,4 to $76,6 billion. That is a factor of five, quoted as a fact. The tracked figure is $17,35 billion. Compound V3 gets a range of $1,15 to $1,8 billion against a tracked $1,41 billion, which is at least the right order of magnitude.
A five-fold range usually means two different quantities were merged: total value ever supplied against value supplied now, or all deployments against one. The number that answers “how much capital sits here today” is a single figure with a date on it, and it is published continuously. The same summaries omit SparkLend at $4,44 billion and JustLend at $3,66 billion, which are third and fourth by size.
Two protocols, two opposite bets on chains
- Morpho Blue spans 42 networks and holds $9,66 billion, second by size and first by reach. Its model puts each market in isolation, so adding a chain adds markets rather than diluting one pool.
- JustLend holds $3,66 billion on one chain. Tron only, fourth largest, and effectively invisible in English-language coverage of DeFi lending. Size does not require reach and coverage does not follow size.
- Aave V3 sits between them at 21 chains and a third of the category. Pooled markets with governed parameters remain the default, and the default still holds more than the next two combined.
- Solana has two entries in the top ten. Kamino Lend and Jupiter Lend hold $2,38 billion between them. For a project deciding where to seed borrow demand, that is a second market rather than a rounding error.
Institutional credit is now a visible line
Maple at $3,11 billion is fifth, and it is not a retail money market. It underwrites borrowers, which means a lender there is taking credit risk on a counterparty rather than relying on over-collateralisation and liquidation. That is a different product sharing a category label, in the same way tokenised Treasury funds share a table with payment stablecoins.
It matters for anyone reading the $49,87 billion total as one pool of comparable capital. Roughly 6% of it is credit-underwritten, most of the rest is over-collateralised, and the two behave differently when prices move fast. The same boundary problem appears in the stablecoin table, which we took apart in the ranking of the biggest stablecoins by supply.
What this ranking does not settle
Supplied value measures where capital sits, not what it earns or what it risks. It cannot tell you the rate after fees, how a market behaves during a liquidation cascade, whose oracle prices the collateral, or whether governance can change your terms while you are in the position. A protocol can be large because it is safe or large because it is old.
These figures also move faster than most categories, because supplied value responds to rates within days. Re-read the source rather than this table if a decision depends on it. If you are launching a lending product rather than using one, the distribution questions sit in our notes on DeFi marketing by protocol type, and the venue side in the list of the top 30 decentralized exchanges.
Frequently Asked Questions
Which crypto lending platform is the largest in 2026?
Aave V3, with $17,35 billion supplied on 4 September 2026, which is 34,8% of the category. Morpho Blue is second at $9,66 billion and SparkLend third at $4,44 billion. The ten largest hold $44,14 billion of a $49,87 billion market spread across 637 tracked protocols.
How big is the DeFi lending market?
$49,87 billion supplied across 637 protocols on 4 September 2026. The top ten hold 88,5% of it. Centralised lenders are not included, because they publish no comparable on-chain figure, so any total that mixes both is combining audited numbers with self-reported ones.
Why do published figures for Aave differ so much?
Because they merge different quantities. Ranges of $14,4 to $76,6 billion appear in September 2026 summaries against a tracked $17,35 billion. A spread that wide usually mixes cumulative supply with current supply, or all deployments with one. A current figure is a single number with a date attached.
Is a lending protocol on more chains larger?
Not reliably. Morpho Blue spans 42 networks and is second at $9,66 billion, but JustLend holds $3,66 billion on Tron alone and ranks fourth. Aave V3 leads the category from 21 chains. Reach and size are only loosely related, and the model matters more than the count.
Is all of this market over-collateralised lending?
No. Maple at $3,11 billion, about 6% of the total, underwrites borrowers instead, so a lender there carries counterparty credit risk rather than relying on liquidation. Reading the whole $49,87 billion as one comparable pool hides that difference, and the two behave differently when prices move quickly.
Related reading
For where borrowed collateral is sourced and routed, see our ranking of DEX aggregators by routed volume.