Decentralized finance (DeFi) lending surged 55% in the third quarter of 2025, reaching a record $41 billion, according to a report by Galaxy Digital. The growth was driven by onchain lending platforms such as Plasma, Aave, and Maple. These platforms now account for over 50% of the $74 billion crypto-collateralized lending market. Plasma, a blockchain from Bitfinex, reported over $3 billion in borrowing in the last five weeks, with Aave capturing nearly 70% of these borrows. Aave's v3 markets also saw significant expansion across Base, Scroll, and new layer 2 solutions. Meanwhile, Maple set a new record by expanding its loan book by $630 million during the quarter.