Aave Faces Stiff Competition In DeFi Lending Sector

According to Odaily, Aave's dominance in the DeFi lending sector is encountering significant competition. Data compiled by Token Terminal reveals that since January 2024, the net deposits of the Solana-based DeFi project Kamino have surged by 1,368%, while Morpho's net deposits increased by 214% during the same period. In contrast, Aave's net deposit growth rate was approximately 213%. This week, Aave founder Stani Kulechov criticized Kamino on X, describing it as an imitator of Aave's "old technology" with a "half-baked" user interface. His comments prompted rebuttals from members of the Solana community, including Solana co-founder Anatoly Yakovenko, who argued that Kamino is superior. Another early member of the Aave development team, Marc Zeller, has also been vocal in criticizing how other DeFi projects handle issues. Despite his criticism of Kamino, Kulechov acknowledged in a recent podcast that having more developers on the blockchain is beneficial, regardless of where they start or end. He expressed his support for more developers building resilient, secure, and reliable DeFi on Solana.