Defi lending is a $41.9 billion market
$Aave holds $17.4B of that
$Morpho has $6.6B
justLend, sparklend, kamino, compound, maple & a long tail of billion dollar protocols stacked underneath, each battle tested across market cycles
if you want to borrow stablecoins against ETH today, you're using infrastructure that has processed hundreds of billions in cumulative volume without breaking despite the recent defi security incidents
but the rankings on
@DefiLlama measure what exists, not what could & one of the largest gaps in defi lending, which is native bitcoin lending done properly, is only now being filled
$btc is the largest collateral asset in crypto by market cap, held by the most reluctant to sell cohort of holders in the industry
native btc lending, where your bitcoin never leaves bitcoin, has been underserved because the infrastructure to do it without wrapping didn't exist at scale
@Chainflip is building exactly that, you keep your btc on bitcoin, you borrow
$usdc on ethereum or solana against it
Chainflip Lending went live to the public in february 2026 & beta around january
we now have some data worth looking at
as of April 20, active loans on Chainflip total $480,462, with a tvl of $1.48M over the last 30 days.