Aave Surpasses Circle, Becomes No. 2 Ethereum Business With $30B TVL

HomeNews* Aave has surpassed Circle to become the second-largest business on the Ethereum blockchain, behind Tether.

• The total value locked (TVL) in Aave has almost doubled since April, reaching about $30 billion.
• Aave now controls nearly half of the decentralized finance (DeFi) lending market.
• Aave’s price-to-sales (P/S) ratio remains lower than some competitors, suggesting conservative market valuation.
• The protocol continues to register significant user activity, generating some of the highest transaction fees after Lido. Aave recently overtook Circle to become the second-largest business on the Ethereum blockchain, after Tether. According to Token Terminal data, Aave holds about $30 billion in total value locked, controlling a major share of the DeFi lending market.

• Advertisement - The lending protocol’s TVL has nearly doubled since April. This growth places Aave in a leading position in decentralized finance, with almost half of all DeFi lending taking place on its platform.

Despite this strong presence, Aave‘s price-to-sales (P/S) ratio—similar to the price-to-earnings ratio used to value stocks—stands at 39 times. This is lower than the P/S ratios for Venus at 51 times and Maple Finance at 56 times, based on Token Terminal numbers. The lower P/S suggests that the market values Aave‘s growth more conservatively than some of its rivals.

While DeFi lending remains important, other sectors like on-chain perpetuals have gained more attention. For example, Hyperliquid is now the largest DeFi project by market value, according to CoinMarketCap.

Excluding large stablecoin issuers, only liquid staking protocol Lido generates more transaction fees on Ethereum than Aave, as shown by DeFiLlama. User activity and revenue continue to grow for the protocol.

Earlier this year, Aave’s P/S ratio dropped to its lowest level since 2021, reaching 17 times in August. Since then, it has more than doubled but remains behind competitors based on this metric. For more details on Aave’s metrics, visit Token Terminal.

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