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Following
AAVE 
ETH Nearly half of the on-chain loan market is occupied by Aave.
Token Terminal data shows that Aave currently accounts for 47.8% of all active on-chain loans, which means that the agreement accounts for almost half of the outstanding loan activity tracked in the DeFi space.
This data was released by Token Terminal, which clearly states that Aave accounted for 47.8% of loans on active chains. This indicator specifically refers to active loans, which are borrowing positions currently open in the on-chain lending market, rather than cumulative or historical totals.
Token Terminal shared this data point directly on its official account, describing Aave's share as a snapshot of its current lending dominance.
Why a single agreement holds nearly half of online loans is worth paying attention to
A single agreement holds nearly half of active online loans, indicating that there is a high degree of concentration in the DeFi lending sector. The proportion of 47.8% means that lending activity is still highly concentrated in Aave rather than evenly distributed among competing platforms.
This size is in line with Aave's continued expansion into new markets. The deal's Monad Market exceeded US$100 million in deposits within two days of its launch, an example of the deposit and borrowing base that underpins such a large share of borrowing.
Aave's market positioning is also influenced by proactive risk management. The agreement worked with ecosystem partners to develop a recovery plan for rsETH bad debts, and also received a proposal from Mantle to provide 30,000 ETH loans to Aave DAO to help resolve bad debts. These events occur concurrently with lending activity as measured by the share indicator.
The figure of 47.8% says something but says nothing
This figure only reflects one thing: Aave's share of loans on the active chain as measured by Token Terminal. This is a measure of loan share rather than a measure of revenue, total lockup value, number of users or token performance.
The dominant active loan share does not in itself represent profitability or price movement. It only shows where current borrowing demand is concentrated and readers should view it as a snapshot at a point in time rather than evidence of any broader trend.
Aave's handling of collateral disputes remains a real factor affecting the stability of its lending base, including the move to unfreeze $73 million in ETH in a Kelp DAO court dispute. These conditions will affect the composition of active loans, but they will not change what the core figure of 47.8% alone can prove.
