Ethereum Tops $28B in Active Loans, Extending Lead Over Rivals

TL;DR

• Ethereum now holds over $28 billion in active loans, nearly ten times the volume of its nearest competitor.
• The growth reflects strong borrowing demand and deep liquidity on Ethereum-based platforms.
• Active loan metrics reveal real usage of capital, showing Ethereum’s continued dominance in onchain lending and its ability to attract both borrowers and lenders across multiple market cycles.
  

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Ethereum maintains its position as the dominant blockchain in onchain lending, with active loans surpassing $28 billion. This figure underscores the platform’s sustained appeal for borrowers seeking deep liquidity and reliable borrowing opportunities. The scale of Ethereum’s lending ecosystem continues to widen the gap between it and competing networks.

Ethereum continues to be the dominant venue for onchain lending & borrowing, with a ~10x lead to runner-up networks.

Active loans across lending platforms on @ethereum recently surpassed $28 billion, up ~10x from January 2023 lows.

'Active loans' measures the value of assets… pic.twitter.com/pKlLLVQSOW

— Token Terminal 📊 (@tokenterminal) January 25, 2026

Ethereum Holds The Largest Share Of Active Loans

Ethereum accounts for the highest value of active loans across major onchain lending platforms. Active loans measure assets currently borrowed and accruing interest, rather than idle deposits. Platforms built on Ethereum support borrowing of stablecoins and major crypto assets at scale, allowing users to take large positions without causing price slippage.

Recent figures show Ethereum’s active loans are almost ten times larger than those on competing blockchains. This dominance reflects both borrower preference and the maturity of Ethereum’s lending infrastructure. Protocols on Ethereum maintain deep liquidity, supporting ongoing borrowing activity even during volatile market periods.

Active Loan Metrics Show Real Usage

Unlike deposit totals, which can include unused or idle assets, active loans track capital that is actively in use. This distinction highlights the real economic activity happening on Ethereum-based platforms and provides a clearer picture of market demand. Borrowers are drawn to Ethereum’s robust liquidity pools and diverse asset availability, ensuring lending activity remains consistent across cycles.

Growth in active loans also signals confidence in Ethereum protocols. Users tend to return to platforms that function efficiently and offer predictable execution. Ethereum continues to attract borrowing activity, reinforcing its role as the central hub for onchain lending.

Lending Recovery Strengthens Ethereum’s Position

Active loan volumes have increased nearly tenfold since early 2023, reflecting a recovery in market conditions and renewed borrowing demand. During the previous cycle, uncertainty led many users to reduce leverage, lowering active loan totals. Ethereum-based platforms outpaced other networks in loan growth, further extending their lead.

Developers continue building on Ethereum, and established protocols maintain trust with both borrowers and lenders. This combination of liquidity, user confidence, and developer support ensures Ethereum remains the primary destination for onchain lending.