According to CoinMeta, data from cryptorank shows that after five consecutive months of decline, the total active loans across major lending protocols increased from $20.7 billion in June to $22.2 billion in July, representing a month-on-month growth of 7.2%, marking the first month of growth in 2026. Among them, AAVE continues to dominate with $11 billion in active loans and a 46.2% market share, while AAVE and Morpho together control nearly two-thirds of the market. However, analysts point out that the growth in July seems more like an attempt at recovery after a long-term decline rather than a definite reversal of trend.