Number of New Loans Opened by Protocol - YTD
September 26th, 2024
More than 120k new loans have been granted on EVM for the year through August with an average loan value of $ 48 000.
AAVE V3 and Compound currently dominate the lending market on EVM with 92% of all new loans originating on those platforms.
Note that all loans are asset backed, revolving loans and users can draw down against their facilities at any time.
New loans on Spark constitute 1.7% of all new loans, but the average loan size on Spark is $ 503k, circa 9.5x the average on EVM.
The average new loan value on Compound is $ 13k which is closely aligned to the average Personal Loan values observed in TradFi in the USA of c. $ 11.5k.
Two thirds of all new loans originate on AAVE V3.
66% of all new loans originated on Arbitrum and Optimism. The current rate of growth on these chains will challenge Ethereum's status as the dominant chain for lending in the next 12 months.
(i) Favorable interest rates, (ii) transaction speed and (iii) cost of transactions are the main drivers behind the growth of new loans on ARB and OP.
Blockchain Bureau will share a thread of comparative costs soon.
