Inside the Lending/Borrowing Protocols sector, 21 September 2026
The Lending/Borrowing Protocols sector tracked 14 constituents with a combined market cap of approximately $5.5 billion as of 21 September 2026.
Sector Composition and Concentration
As of 21 September 2026, the Lending/Borrowing Protocols sector covered 14 constituents with an aggregate market capitalisation of $5,482,904,840. Concentration within the sector is pronounced: the two largest members, Aave ($2,209,710,101) and Morpho ($1,910,062,990), together account for roughly 75% of total sector market capitalisation. The remaining 12 constituents collectively represent the other quarter, with individual market caps ranging from approximately $25 million (TermMax) to $302 million (Olympus). This distribution means aggregate sector figures are heavily influenced by the two leading constituents, and changes in smaller members have limited effect on headline totals.
Fee Stream Availability
Fee data—annualized from the trailing 30 days—is available for only 6 of the 14 constituents: Aave ($434,905,932), Morpho ($166,505,831), Euler ($13,978,588), Cap ($5,983,542), Olympus ($1,989,944), and TermMax ($89,751). The remaining 8 constituents—including Maple Finance, Compound, Kamino, Spark, Venus, Teller, FOLKS, and Lista DAO—carry no recorded fee figure in this dataset. The absence of fee data for the majority of constituents limits the degree to which fee-based comparisons can be drawn across the sector as a whole, and readers should treat any aggregate fee characterisation with that constraint in mind.
Distance from All-Time Highs
The spread of drawdowns from each constituent's all-time high—as reported on 21 September 2026—is wide. At the shallower end, COINDEPO sits 19.6% below its all-time high and TermMax 19.8% below. At the other extreme, Venus is 97.8% below its all-time high, Compound 97.4% below, and Olympus 98.6% below. The majority of constituents record drawdowns exceeding 80%, and only three—COINDEPO, TermMax, and Cap (41.4% below)—sit within 50% of their respective peaks. These figures describe historical distance from prior price extremes; they carry no implication about future direction.
What the Sector Label Does and Does Not Convey
The label Lending/Borrowing Protocols groups assets by a broad functional theme, but the underlying constituents differ in meaningful structural ways. Some protocols operate as permissionless, algorithmic on-chain money markets; others involve fixed-term loan structures, treasury bond mechanisms, or delegated credit functions. The sector label does not standardise governance design, chain deployment, collateral type, revenue model, or user base. Constituents with available fee data range from annualized figures above $400 million to below $100,000, illustrating that operational scale varies by several orders of magnitude within the same classification. Readers using sector-level aggregates should account for these structural differences when interpreting constituent-level data, as the shared label does not imply that the assets are directly comparable on any single operational or financial dimension.