Base lending hits record $2.75 billion as Morpho and Aave drive growth

According to Artemis’ reports, outstanding loans on Base peaked at an unprecedented $2.75 billion on September 10 after an increase in lending activity in late August. This record reflects the rapid growth of credit on Coinbase’s Layer 2 network and the share of Morpho and Aave in it.

Artemis writes on September 11:

Lending on @base is accelerating.

According to its prior research, lending is slowly becoming more modular as lending has now broken down into many special enterprises that each take care of some aspects of origination, distribution, risk, and infrastructure needed for this process. Base is beginning to display how this transformation appears, when taking place on a big scale.

Morpho and Aave carry most of the weight

Base’s lending total value locked (TVL) stands at approximately $4.56 billion as stated by DeFiLlama. Out of this, Morpho accounts for significantly about $3.94 billion, while active loans worth approximately $1.93 billion are given out by it. Aave V3 follows the race with TVL of around $513 million and active loans worth $354 million.

The trend is not an unusual one for Base as Galaxy’s estimate of total DeFi lending TVL was around $39.9 billion in July, with a combination of both Aave and Morpho accounting for 53.1% of the share. The total TVL according to Galaxy stood at about $13.9 billion for Aave and $7.3 billion for Morpho.