Last updated on May 12th, 2026 at 05:44 pm
Crypto analysts have pointed out a growing trend in the DeFi space as liquidity remains concentrated around established platforms, with Aave remaining the benchmark for on-chain lending. Aave has now surpassed $1 trillion in all-time volume, further solidifying its position as the industry leader, as new ecosystems are being built.
Mantle has experienced explosive growth in its DeFi ecosystem by tapping into CeFi liquidity from Bybit, which has now reached $1.34B+ in just over a month. This has helped create a strategy that reduces friction for users, bridges CeFi and DeFi, and positions them as a key on-chain distribution layer for institutional and retail capital.
More protocols and ecosystems should have this mentality: Liquidity tends to concentrate around what already works.
And in DeFi, that usually means… Aave.
Aave just crossed $1T+ in all-time volume, I mean…they’re still the clear benchmark for onchain lending.
One good… https://t.co/05EMswtKwm pic.twitter.com/JhuWeVhTHk
— Rektonomist (@rektonomist_) March 23, 2026
Mantle emerges as a high-growth DeFi hub
Mantle has seen rapid growth in total value locked (TVL), reaching $756 million and surpassing Avalanche ($748 million) and Sui ($580 million). Aave V3 on Mantle accounts for $516.43 million, representing over 68% of the chain’s total TVL. Monthly growth has been substantial, with Aave V3 on Mantle up 213% in one month and overall Mantle TVL rising 78% monthly.
Bybit and Mantle also launched a six-month MNT incentive program, combining long-term rewards with trusted lending markets. Bybit’s Mantle Vault, powered by Aave and CIAN, has crossed $150 million in assets under management, establishing a clear CeFi-to-DeFi bridge and supporting further ecosystem expansion. Meanwhile, Mantle highlighted its strategic approach to the next generation of Ethereum Layer 2 (L2) solutions.
Ecosystem expansion drives liquidity and adoption
Outside of the headline TVL figures, Mantle now holds the third position in all Aave markets across the globe, with a total market size of $1.34 billion. The key milestones achieved by Mantle include $100 million in wrsETH supply on Aave, $196.75 million in CIAN Yield Layer, $250.69 million in sUSDe supply, and 60.24K in wrapped ETH supply with 46.87K in borrow. The decentralized exchange had $3.96 million in volume, with $60,229 in fees collected over 24 hours.
Other ecosystem developments include tokenized stock markets via Ondo Global Markets, stablecoins via Everclear, and unsecured credit products via 3Jane. Analysts have pointed out that the sticky incentives, strong distribution, and trusted lending platform have helped Mantle attract substantial capital, thus proving that successful growth in DeFi does not necessarily require new primitives.
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