Les tokens DAO de prêt crypto manquent le train de la hausse alors que les protocoles doublent la croissance du marché haussier de 2021

Les investisseurs en crypto se précipitent partout sauf vers les tokens de prêt décentralisés

Pendant que Bitcoin et Ethereum atteignent de nouveaux sommets, les tokens de gouvernance des plateformes de prêt défi traînent derrière le peloton. Une ironie amère quand on sait que ces mêmes protocoles ont doublé leur croissance par rapport au bull market de 2021.

Le secteur du prêt décentralisé explose - sauf pour ses propres tokens

Les volumes de prêt atteignent des records, les TVL grimpent en flèche, mais les tokens de gouvernance qui devraient en bénéficier regardent le spectacle depuis les gradins. Les détenteurs de ces jetons se demandent où passe tout cet argent.

Les investisseurs institutionnels préfèrent les rendements réels aux droits de vote

Les grands joueurs viennent pour les yields, pas pour la gouvernance. Ils empruntent, prêtent, arbitrent - mais achètent rarement le token natif. Une vérité qui dérange pour les maximalistes de la décentralisation.

La finance traditionnelle aurait appelé ça un 'découplage fondamental' - dans le monde crypto, on appelle ça un mardi.

Aave still has a major share in lending during the current cycle. The main difference is that Curve Finance has mostly divested its loans and has become one of the minor projects. Currently, Aave and morpho have taken the lead. 

The crypto lending landscape is more diverse, with smaller projects managing to carve out a niche. Lending was also accelerated by the growth of stablecoins, where some protocols minted their own assets. For lending projects, improved measures against liquidations and the bullish direction of the crypto market meant the sector achieved a robust recovery after the years-long bear market. 

Demand for lending means a steady inflow of fees. Major protocols produce $40M in weekly fees, with $5.28M in revenues. Crypto lending projects are still highly dependent on the Ethereum ecosystem, with ETH widely used for collateral. The total value locked in lending protocols is over $92B, while Ethereum locks in $56B in its top lending apps. 

Crypto lending tokens are lagging

Despite the success of crypto lending as an indispensable aspect of DeFi, the tokens of lending protocols are not a hot narrative. 

Aave remains the top protocol, but the aave native token only expanded to $291. The asset is still 50% down from its all-time peak in 2021. 

Lending tokens are now valued at a $9.88B market capitalization, lagging behind other narratives. The collection of lending tokens is still in the green after the latest market recovery. However, the trend in lending is similar to other crypto sectors. 

While there are more products and better security, the tokens are not as attractive as during earlier market cycles. Projects also rarely advertise their token, instead focusing on their security and low liquidation risk.

RWA supports the DeFi lending trend

The approach to crypto lending shifted in 2025, aiming for less risky collateral. The biggest problem for lending in 2021 was the presence of Terra (LUNA), which created a vast amount of unbacked stablecoins. 

In 2025, tokenized bonds means protocols can back their stablecoins not only with volatile crypto assets, but through low-risk debt. 

Currently, RWA tokens are not directly accepted as collateral. However, stablecoins serve as tokenized US T-bill debt and introduce a low-risk asset for lending. Additionally, for some projects, holding tokenized debt also adds a source of predictable passive income. 

Direct RWA lending is still rare, with limited vaults using RWA tokens as collateral. Additionally, projects like Clearpool are also growing their influence, offering P2P lending and tokenized private credit.

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