Inside the Lending/Borrowing Protocols sector, 21 October 2026
The Lending/Borrowing Protocols sector tracked 14 constituents with a combined market cap of roughly $5.64 billion as of 21 October 2026.
Sector Composition and Concentration
As of 21 October 2026, the Lending/Borrowing Protocols sector tracked 14 constituents with an aggregate market capitalisation of $5,640,603,397. Concentration within the sector is pronounced: the two largest members, Aave ($2,458,106,819) and Morpho ($1,682,755,284), together account for approximately 73% of total sector market capitalisation. The remaining 12 constituents share the other 27%, with individual market caps ranging from roughly $26 million to $298 million, illustrating a steep drop-off from the two dominant positions.
Fee Stream Availability
Of the 14 constituents, only 6 carry an annualized fee figure derived from the trailing 30 days to 21 October 2026: Aave ($466,227,482), Morpho ($272,791,483), BENQI ($15,697,117), Euler ($20,613,521), Cap ($5,784,338), and Olympus ($1,767,427). The remaining 8 constituents—Compound, Kamino, Maple Finance, Spark, Venus, FOLKS, Lista DAO, COINDEPO, Zest Protocol—carry no fee figure in the dataset. This means fee-based comparisons across the sector are possible for fewer than half of its members, and any sector-wide fee aggregation would be materially incomplete.
Distance from All-Time Highs
The spread of drawdown from all-time highs across the 14 constituents as of 21 October 2026 is wide. At one end, COINDEPO sits 4.21% below its all-time high, and Cap sits 41.76% below its all-time high. At the other end, BENQI is 98.93% below its all-time high, Olympus is 98.59% below, and Venus is 97.88% below. The majority of constituents cluster in the range of 75% to 99% below their respective all-time highs, while a small number—COINDEPO, Cap, Zest Protocol, and Morpho—record drawdowns shallower than 50%. These figures describe each constituent relative to its own historical peak; they are not comparable across tokens in any standardised sense, as all-time highs occurred at different points in time and under different market conditions.
What the Sector Label Does and Does Not Convey
The label Lending/Borrowing Protocols groups together assets whose underlying platforms share a broad functional theme—facilitating the lending or borrowing of digital assets—but the grouping obscures meaningful structural differences. The 14 constituents include decentralised money-market protocols, collateralised debt mechanisms, real-world-asset credit platforms, and treasury-management systems with bond mechanics, among others. Governance tokens, fee-accruing tokens, and tokens with hybrid utility functions are all represented under the same label. The sector classification therefore signals a thematic proximity rather than economic or structural equivalence. Readers should not infer that constituents are directly comparable in terms of revenue model, risk profile, counterparty structure, or the degree to which the tracked token captures protocol economics. The 7-day return figures for the trailing 7 days to 21 October 2026 range from –11.89% to +182.67%, a dispersion that itself reflects the heterogeneity within the grouping.