Aave's TVL recently reached a historical high of $41.1 billion, equivalent to the 54th largest bank in the U.S.

According to a report by PANews on August 26, and data from Cryptoslate, DefiLlama shows that the total locked value (TVL) of the decentralized lending protocol Aave reached a historical high of $41.1 billion on August 24. Based on the Federal Reserve's commercial bank deposit data as of June 30, this scale ranks it as the 54th largest commercial bank in the U.S., surpassing Prosperity Bank with a deposit size of $38.4 billion and just $300 million shy of overtaking Bank OZK. If we include the $28.9 billion in outstanding loans on that day, Aave's total scale reaches $71.1 billion, placing it among the top 37 commercial banks in the U.S. (top 1.7%). Founder Stani Kulechov stated that the protocol is not a bank, but an open network accessible to financial institutions, providing a source of yield unrelated to the Federal Reserve.

As of August 24, Aave controls about 50% of the total TVL in the DeFi lending market, dominating the $81.5 billion lending space, nearly 6 times that of its largest competitor Morpho ($7 billion).