Lending on-chain special: Kamino has seen a net inflow of $1.74 billion over the past three months, while Morpho's deposits surpass $1.6 billion
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Lending on-chain special: Kamino has seen a net inflow of $1.74 billion over the past three months, while Morpho's deposits surpass $1.6 billion
After launching on Base in June this year, Morpho has added over 53,000 new wallets, becoming the main driver of user growth.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
Lending
Kamino | Morpho | Gearbox | Euler
Kamino
Net inflow of $1.74 billion over the past 90 days
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Kamino Finance is a Solana-based DeFi protocol offering lending and liquidity management services. Over the past 90 days, users deposited over $5.57 billion and withdrew $3.82 billion, resulting in a net deposit of $1.74 billion. The highest activity occurred on August 5, when deposits exceeded $218.1 million—the same day also saw the largest withdrawal volume. Net deposits over the past 24 hours, 7 days, and 30 days have all been positive, indicating strong user engagement.
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In terms of net deposits, SOL leads with $1.06 billion over the past 90 days and relatively low withdrawals. JupSOL, a liquid staking token from DeFi platform Jupiter, ranks second at $346 million. PYUSD, the stablecoin developed by PayPal, follows closely behind at $146 million. USDC had the highest withdrawal amount, totaling $39 million.
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Borrowing activity on Kamino has significantly increased over the past 90 days, peaking on September 13 when users borrowed over $164 million in a single day. Total borrowings reached $1.94 billion, while repayments remained steady at $1.5 billion. The average loan size was $21 million, with an average repayment of $16.6 million.
Morpho
Vincent Charles | Website | Dashboard
Morpho deposits surpass $1.6 billion, user count exceeds 68,000
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Morpho has emerged as a leading decentralized lending protocol across EVM-compatible blockchains, with an ecosystem comprising multiple products such as Morpho Optimizers and the newly launched "Morpho" (formerly Morpho Blue) protocol. As of October 2024, Morpho's total deposits reached $1.62 billion, with a total value locked (TVL) of $1.05 billion, reflecting its growing influence in the DeFi lending space.
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User numbers have grown significantly in 2024, with over 68,000 unique wallets active across Morpho’s protocols. The launch on Base in June 2024 alone added over 53,000 new wallets, becoming the primary driver of user growth.
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Morpho continues to show strong deposit growth, particularly excluding Algorithmic Market Operation controllers (AMOs). AMOs are automated systems used by projects like stablecoin issuer Angle to manage liquidity and stability. This highlights Morpho’s significant growth in blue-chip assets, reaching $903 million—an increase of 46% within just three months.
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Transaction highlight: This transaction demonstrates Morpho’s migration feature, allowing users to easily transfer their lending positions from platforms like Aave and Compound to Morpho in just a few steps. In this case, 650 ETH (worth $1.67 million at the time) was moved from Compound to a Morpho Vault, contributing to overall liquidity growth on Base.
Gearbox
Gearbox TVL triples, revenue grows by 600%
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Gearbox, a lending platform, launched Gearbox V3 at the beginning of the year, since which its total value locked (TVL) has grown by 200%. This year, Gearbox integrated over 30 new assets, expanding credit support for liquid restaking tokens (LRTs), Ethena, margin trading on decentralized exchanges, real-world assets (RWAs), and BTCfi assets. The protocol also expanded to two new networks: Arbitrum and Optimism. These integrations have driven organic borrower demand, increasing protocol revenue by 626% year-to-date to $3 million.
Gearbox
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The number of borrowers grew 13.38-fold (1,338%) year-over-year, with 2,465 unique credit accounts opened in one year, fueling rising demand. To meet this demand, lender numbers increased significantly, up 108% year-over-year. Additionally, Gearbox further supported this growth by adding five new lending pools.
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To achieve sustainable growth, Gearbox has generated over $14 million in fees, with lenders receiving over $11 million in earnings and the DAO earning approximately $3 million. A total of around $486,000 in $GEAR token rewards have been distributed, meaning the DAO incurred a net cost of 16 cents for every dollar earned. Additionally, the circulating supply of GEAR tokens has now reached 100%.
Gearbox (internal)
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Transaction highlight: This transaction showcases Gearbox’s latest product—multi-collateral loans. Multi-collateral loans allow users to use their capital for yield farming, trading, staking, or providing liquidity in DeFi even while borrowing funds. In this transaction, the user deposited 90 ETH and withdrew 100,000 USDC. Most lending protocols would require repaying the full 100,000 USDC before swapping the ETH, but with multi-collateral loans, users can swap, stake, or provide liquidity (LP) with their ETH even with outstanding loans, enabling more flexible collateral management.
Euler
Miguel Cruz | Website | Dashboard
Euler v2 modular lending platform achieves $11.06 million in net deposits during first month
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Euler is a modular lending platform designed to enhance capital efficiency and flexibility in DeFi. Users can permissionlessly create customized lending markets tailored to their specific needs and preferences. After a year of rebuilding and comprehensive security audits, Euler officially launched on September 4 and accumulated $11.06 million in net deposits within its first month.
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There are already $3.28 million in active loans on the Euler platform, with prominent vault builders such as Re7 Labs, MEV Capital, and K3 Capital beginning to build on it. Upcoming features will enable capital-efficient high-yield positions through Pendle PT—a first among lending protocols.
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Over the past year, Euler has developed several public goods, including the Ethereum Vault Connector, which enables ERC-4626 vaults to be used as collateral. It has also contributed to developing the ERC-7726 standard for seamless oracle integration and created one of the most transparent oracle dashboards in DeFi.
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Transaction highlight: Thanks to Euler’s Dutch auction mechanism, this borrower only incurred approximately a 1% liquidation penalty on their $18,000 loan. The transaction shows how liquidation rewards start low and increase as the position’s health deteriorates.
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