| While we love active daily users as a metric for determining a project's usage and growth, other metrics can serve well as proxies in some cases. In the lending space, this is the active loans metric.
Active loans show the number of loans outstanding, which captures all the activity in the protocol. Active users would count a single user just once, even if that user has multiple loans open. By looking at active loans, we can see all the activities occurring.
Even though April has seen some pullback, lending remains a huge ecosystem, commanding nearly $10 billion in active loans.
Aave is the clear leader in this space, with over half of the active loans held by Aave. This generates significant revenue and makes Aave the most valuable lending platform in a huge market. | 