Aave February 2026 Report

Despite a February market correction that drove TVL down 21.58% MoM to $44.94B and triggered approximately $429M in liquidations across 12,500 transactions, Aave's protocol revenue paradoxically rose 31.24% MoM to $13.40M, with liquidation activity and Chainlink SVR contributing $4.6M (34.4% of monthly revenue). GHO demonstrated resilience, growing 6.74% MoM to $467.53M market cap, while RWA deposits crossed $1B and cumulative loans originated since V1 surpassed $1 trillion. Aave maintained 59.36% lending market share with MAU rising 34.88% MoM to 154.63K, and L2 chains accounting for 60%+ of active users. A governance proposal dubbed the "Aave Will Win Framework" was put forward to redirect 100% of product revenue to the DAO treasury.