通過借貸協議的鏈上槓杆率回到 2021 年峯值水平
鏈上活躍貸款已恢復至 2021 年高峰期以來的最高水平。 DeFi活動的代理指標顯示，借款人到目前爲止對牛市充滿信心，通過基於抵押的貸款尋求收益。
DeFi借貸已成爲 2024 年的領先應用之一。雖然DeFi整體鎖定價值仍低於 2021 年，但鏈上借貸與上一輪牛市週期一樣活躍。
鏈上槓杆指標揭示了一個更加成熟的市場，領先的協議已經擴展到多個鏈。此外，目前的鏈上槓杆率僅名義上與 2021 年相似。
該指標是在Bitcoin（BTC）正處於十字路口時達到的，這再次引發了對其週期峯值的質疑。 2021 年，貸款高峰與價格上漲同時發生，但最終蔓延到了多個協議。從那時起，考慮到抵押品的價值， DeFi貸款的增長變得更加保守。
此外，一些協議改用國庫券作爲抵押品，消除了與加密貨幣價格相關的一層風險。
更大的穩定幣池促進了貸款
作爲加密貨幣市場可用貨幣供應量的百分比，該週期仍使用較小比例的可用穩定幣。這引發了對更廣泛貸款的預期，這反過來又可能促進 DEX 掉期和其他活動。
隨着穩定幣供應量的增加，在市場下跌的情況下， DeFi貸款也限制了其蔓延。
槓桿率正在建立，但作爲貨幣供應量的百分比， #DeFi活躍貸款僅突破了上個週期達到水平的 50%。 pic.twitter.com/2kysPxjyQg
—傑米·庫茨 (Jamie Coutts) CMT (@Jamie1Coutts) 2024 年 12 月 17 日
During the 2024 cycle, DeFi and centralized trading have exposure to nearly 200B in various stablecoins. The DeFi space also has new algorithmic or asset-backed coins and tokens that can create niche sources of liquidity, as in the case of USDe, USDS, the remaining supply of DAI and other minor stablecoins.
On-chain loans have exceeded $22.85B, as lending protocols from 2021 were replaced by new hubs. The market for DeFi lending has recovered from the crash following the Terra (LUNA) unraveling, as well as the subsequent crash of FTX.
On-chain leverage works as far as the underlying collateral is stable and in excess of the loan. The loans are then often used in other DeFi protocols. Loans are usually in the form of stablecoins, which can then be used to purchase assets or to park in high-yield vaults.
Reporting on DeFi lending hinges on the method used to track value. The current level of active loans, as measured by Token Terminal, is lower compared to other leverage metrics.
Based on DeFi Llama data, lending protocols lock in more than $50B in value, the highest level since before the crash of LUNA and UST.
Aave leads the lending movement
While other protocols grew with some level of caution, Aave (AAVE) was the leading app in terms of active loans and value locked.
Aave was available during bear market years, building up its infrastructure and user base. The lending protocol is now growing aggressively, offering its lending pool model to other DeFi hubs.
The value in Aave is now above $22B, including the reported loans and collaterals. The project also issues its own stablecoin, GHO, although the growth is limited and relatively conservative.
Aave still relies mostly on WETH and WBTC, while also including smaller tokens in its lending vaults. Even other lending protocols have moved their activity to Aave, in a bid to consolidate liquidity and offer users a simpler approach.
The native AAVE token recently failed its climb to $400, instead sinking to $343.61. AAVE observers expect it to rise to four-digit valuations as it is seen as being early in the lending cycle.
Recently, AAVE also got a boost from whale buying. On-chain lending is sometimes rolled back into DeFi tokens, as in the case of a recently reported whale activity. The whale took GHO as an on-chain loan and used the proceeds to buy more AAVE. Those practices can boost a token’s price. However, that can also expose the loans to liquidation.
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