Aave and Morpho, two major DeFi lending protocols, have both hit significant milestones this week.

Aave has surpassed $40.3 billion in net deposits across its various deployments – marking what it claims is the highest total value locked (TVL) ever recorded by a DeFi platform. “Aave’s deposits since last year have been up only,” the team wrote on X (formerly Twitter), noting that net deposits have quadrupled from $10 billion in early 2024.

The lending protocol, which primarily operates on the Ethereum blockchain, has experienced a TVL jump of roughly 50% since April – from around $27 billion to over $40 billion today – according to DeFiLlama data. Aave added that with new initiatives such as Aave V4 and Horizon by Aave Labs in the works, there’s “much more to come.”

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