#OnChainLendingSurge

According to DeFiLlama data, the sharp increase in the stablecoin market cap began around Nov. 5, coinciding with Donald Trump’s victory in the U.S. presidential election. Coinbase analysts also highlighted that USDC deposit rates on Aave have doubled in the past month. "Stablecoin borrowing and lending rates have surged, reaching 10-20% annualized on Aave and Compound across nearly all of their deployed networks including Ethereum and Base," the analysts said. They also noted that the total value locked in lending protocols hit an all-time high of $54 billion, surpassing the previous bull market peak of $52 billion.