cryptographic 🦞(@cryptographicas):July’s been a pretty good month for DeFi considering we finally broke out of a prolonged contraction, July was the first month of lending growth a 7.2% increase. I think this is a much more important metric than vanilla TVL because a growing loan book is a much clearer sign that onchain balance sheets are being put back to work. Also pretty notable that Aave’s loan book grew faster than the market into the rebound. Obviously one month alone doesn’t confirm a new credit cycle or anything but hopefully it’s a turning point.

2026.08.01 08:56

July’s been a pretty good month for DeFi considering we finally broke out of a prolonged contraction, July was the first month of lending growth a 7.2% increase. I think this is a much more important metric than vanilla TVL because a growing loan book is a much clearer sign that onchain balance sheets are being put back to work. Also pretty notable that Aave’s loan book grew faster than the market into the rebound. Obviously one month alone doesn’t confirm a new credit cycle or anything but hopefully it’s a turning point.

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