Decentralized finance (DeFi) lending platforms have reached a total of $73.59 billion in the third quarter of 2025, marking a significant milestone in the crypto lending sector. Leading platforms such as Aave and Morpho have been instrumental in driving this growth, as DeFi continues to gain traction over centralized finance (CeFi) counterparts. CeFi platforms, including Nexo and Tether, are still struggling to recover, remaining 34.3% below their 2022 peak levels. DeFi now commands 66.9% of the crypto lending market, a substantial increase from 48.6% in 2021. This shift in market dominance underscores a growing user preference for decentralized systems, particularly in the wake of several high-profile CeFi collapses.