Token Terminal data shows a split picture across DeFi over the past 365 days. While total value locked across the sector fell by about 42%, USDC deposits on lending protocol Morpho climbed roughly 86% to around $2.8 billion.
The figures point to continued capital inflows into on-chain lending protocols represented by Morpho, even as broader DeFi growth slows. They also indicate that demand for yield-bearing USDC lending products is still expanding, according to the data cited by ChainCatcher.
The update highlights how capital is concentrating in specific DeFi segments rather than moving uniformly across the sector. In this case, lending activity tied to USDC has grown despite the broader decline in total locked value.
Token Terminal data shows that DeFi’s total value locked (TVL) has fallen about 42% over the past 365 days.
Over the same period, USDC deposits on lending protocol Morpho moved in the opposite direction, rising roughly 86% to about $2.8 billion.
The data suggests that as overall DeFi growth slows, capital continues to flow into on-chain lending protocols such as Morpho. It also reflects continued demand for yield-focused USDC lending products.
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