The total deposit volume of credit protocols in the crypto asset market has fallen by 35 percent since October 2025. While there was an outflow of funds throughout the sector, Morpho, Maker and Jupiter Exchange platforms stood out with an upward trend, and the dynamics behind this separation attracted the attention of the sector.
Differentiating View in Credit Protocols
According to data obtained from the analysis platform Artemis, the total loan deposits of Morpho, Maker and Jupiter Exchange increased from 18.4 billion dollars to 20.9 billion dollars. Considering the overall contraction in the industry, these protocols achieved a growth of 13.6 percent. The shift in user preference to these platforms indicates that the trend has changed significantly.
Growth Details by Protocol
In a repeated growth, Morpho has become the second largest platform in the DeFi lending market, maintaining a deposit volume of approximately $10.7 billion. Morpho’s performance stood out by keeping its deposit volume constant during a period when many competitors in the sector suffered serious losses.
Maker, on the other hand, increased its deposit level from 6.4 billion dollars to 8.0 billion dollars, an increase of 25 percent. This platform, which has been an important part of the decentralized finance ecosystem since 2017, has revealed a picture in which its users show a much more permanent commitment than speculative movements.
Jupiter Exchange showed the strongest growth among the three. It achieved a 69 percent increase by increasing its deposit volume from 1.3 billion dollars to 2.2 billion dollars. Operating largely on the Solana blockchain, the platform’s growth has also reflected Solana’s expansion into the overall DeFi ecosystem.
The Last Three Years in Market Dynamics
Artemis’s three-year loan deposits chart revealed how the process took shape. The total deposit volume, which was almost zero at the beginning of 2023, increased regularly throughout 2024, reaching approximately 25 billion dollars in October 2025. Although the total volume decreased to 20 billion dollars with the subsequent contraction, it remained at a higher level compared to previous years.
During this period, a significant increase was observed especially in the total market share of Morpho and Maker. The ratio of deposits to total volume increased, with Morpho represented in blue and Maker represented in green in the graphs; The effectiveness of these two platforms has become more visible.
Reasons for Noticeable Segregation
The 35 percent decline seen in the DeFi loan market indicated a significant capital outflow from the market. The decrease in collateral values, the decrease in the use of leverage and the risk aversion trend observed in the market after October were effective in this development.
Platforms that continue to grow in the industry stand out with some similar features. Morpho attracted more discerning users with its capital efficiency and risk-return balance. DAI, which is included in Maker’s infrastructure, brings depth and commitment to the platform. The growth of Jupiter Exchange was mostly related to the general activity in the Solana ecosystem.
It was stated that it will become clear in the coming periods whether the rapid increase in Jupiter Exchange’s deposits is a short-term movement towards high interest rates or permanent user gain.
The data showed that the decline in deposits in the decentralized finance market was not valid for all platforms. It has been observed that especially platforms with a strong foundation and user loyalty continue to grow.
