SparkLend grows 47% in three months as big borrowers shift capital, WalleDAO finds

Platform transfers, investment borrowing, and a collapse in Aave's USDe loans reshaped Ethereum lending between July and October 2026 SparkLend’s outstanding loans on Ethereum rose 47.1% in roughly three months, according to an analysis by WalleDAO dated November 4, 2026. The lending protocol went from $1.79 billion in loans on July 29, 2026, to $2.64 billion by October 27, 2026. Its two biggest rivals also grew over the same period, just a lot more slowly. WalleDAO traced the growth to three forces: borrowers moving between platforms, people borrowing to put capital to work, and the unwinding of USDe loans. That last one hit Aave especially hard. The scoreboard Here is how the three major Ethereum lending venues stacked up over the July 29 to October 27 window, per WalleDAO’s data. SparkLend: loans grew from $1.79 billion to $2.64 billion, a 47.1% increase. Morpho Blue: loans grew from $1.93 billion to $2.48 billion, a 29% increase. Aave V3 Core: loans grew from $8.71 billion to $9.11 billion, a 4.5% gain. A few months ago, SparkLend was the smallest of the three by this measure. It has now edged past Morpho Blue on outstanding Ethereum loans. Aave V3 Core remains the heavyweight ...