DeFi Market Declines But Morpho, Maker, and Jupiter Continue Counter-Trend Growth

The cryptocurrency lending market has been shrinking sharply since October 2025, with total deposits decreasing by 35% from its peak. However, three major protocols—Morpho, Maker, and Jupiter Exchange—are experiencing the opposite trend. According to data from Artemis, the total lending deposits on these platforms increased from $18.4 billion to $20.9 billion, a 13.6% rise.

Morpho maintains around $10.7 billion, holding the second-largest position in DeFi; Maker grew 25% to $8 billion thanks to the stablecoin platform DAI's stability; Jupiter drew attention with a 69% increase in deposits to $2.2 billion, driven by the expansion of the Solana ecosystem. This trend indicates that despite the overall industry decline, capital continues to flow into protocols with strong foundations and high capital efficiency.