Analyzed stablecoin borrowing across Aptos lending protocols:
over $420M borrowed across 8 protocols.
Protocol Dominance: The Big Three
AriesMarkets leads with ~$300M borrowed, 70% of the market, due to deep liquidity, competitive rates, and “blue chip” status.
EchelonMarket follows with $87M (25%), gaining trust with alternative pools.
Meso_Finance has $19M+ (5%), a smaller player carving a niche.
The remaining 5 protocols share less than 1% of the market.
Stablecoin Demand Breakdown:
$USDC dominates with $245M+ borrowed, favored for trading and cross-chain moves.
$USDt follows with ~$175M, showing strong multi-stablecoin DeFi demand.
$sUSDe, a newer synthetic, has $2.4M borrowed, indicating growing interest in decentralized stables as Aptos matures.
The Aptos lending market shows early protocol advantages compounding quickly, with users favoring proven solutions.
What do you think about these numbers? Is Aries’ dominance healthy for the ecosystem? Which protocol could disrupt this hierarchy?