{"id":62916,"date":"2026-03-09T13:31:44","date_gmt":"2026-03-09T06:31:44","guid":{"rendered":"https:\/\/hbbgroup.net\/aave-users-reach-record-as-traders-quietly-shift-capital-toward-defi-lending\/"},"modified":"2026-03-09T13:31:44","modified_gmt":"2026-03-09T06:31:44","slug":"aave-users-reach-record-as-traders-quietly-shift-capital-toward-defi-lending","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/aave-users-reach-record-as-traders-quietly-shift-capital-toward-defi-lending\/","title":{"rendered":"Aave Users Reach Record as Traders Quietly Shift Capital Toward DeFi Lending"},"content":{"rendered":"<div>\n<div>\n<h4 color=\"#333\">In brief<\/h4>\n<ul>\n<li>Aave&#8217;s monthly active users hit an all-time high of ~155,000 in February, up roughly 100% in six months. <\/li>\n<li>The surge was driven by rising ETH supply rates and the collapse of the basis trade, analysts say. <\/li>\n<li>The Aave Chan Initiative, one of Aave&#8217;s most influential governance groups, announced its shutdown last week after a transparency dispute with Aave Labs.<\/li>\n<\/ul>\n<\/div>\n<p><span>Monthly active users on DeFi lending protocol Aave reached roughly 155,000 in February, marking an all-time high and nearly doubling over the past six months.<\/span><\/p>\n<p><span>The rise in users<\/span><span> comes as investors increasingly seek yield through decentralized lending protocols, according to on-chain analytics platform Token Terminal <a href=\"https:\/\/tokenterminal.com\/explorer\/projects\/aave\/metrics\/user-mau\" target=\"_blank\" rel=\"nofollow external noopener\">data<\/a>.<\/span><\/p>\n<p><span>Sean Dawson, head of research at on-chain options platform Derive, told <\/span><i><span>Decrypt<\/span><\/i><span> that market dynamics appeared to be the primary driver behind the swelling of users.<\/span><\/p>\n<p><span>\u201cThe largest trade in crypto, the basis trade, has collapsed in recent months,\u201d Dawson said. \u201cUsers used to be able to earn 10\u201330% or just by holding sUSDe, now this is less than 4%.\u201d\u00a0<\/span><\/p>\n<p><span>Broader structural shifts in crypto trading strategies are also pushing capital toward lending platforms, he said.<\/span><\/p>\n<p><span>\u201cConsequently, users have few places to park funds that are low risk\u2014this makes lending the only remaining option,\u201d he added.<\/span><\/p>\n<p><span>Peter Chung, head of research at Presto Labs, told <\/span><i><span>Decrypt<\/span><\/i><span> that <\/span><a href=\"https:\/\/decrypt.co\/resources\/what-is-aave-inside-the-defi-lending-protocol\" target=\"_blank\"><span>Aave<\/span><\/a><span>\u2019s long-standing role in decentralized finance infrastructure likely explains the continued growth in its user base.<\/span><\/p>\n<p><span>\u201cDeFi firms are largely experimental, but a select few have firmly established themselves as a critical onchain finance infrastructure,\u201d Chung said. \u201cAave is one of them. They have gone through some governance changes recently, but not sure there is any causality there.\u201d<\/span><\/p>\n<p><span>The rise in user activity comes amid governance tension within the Aave ecosystem.<\/span><\/p>\n<p>Last week, the Aave Chan Initiative (ACI) said it would <a href=\"https:\/\/governance.aave.com\/t\/aci-is-leaving-aave\/24205\" target=\"_blank\" rel=\"nofollow external noopener\">wind down<\/a>, alleging that addresses tied to Aave Labs, including a 111,000 AAVE delegation from founder Stani Kulechov, helped swing the \u201c<a href=\"https:\/\/snapshot.org\/#\/s:aavedao.eth\/proposal\/0x46d78018f1204e2337ee77edc13753869cc90163fe46a23698f67f4a98365acc\" target=\"_blank\" rel=\"nofollow external noopener\">Aave Will Win<\/a>\u201d temperature check, a $51 million funding proposal that passed with 52.58% support.<\/p>\n<p><span>ACI founder Marc Zeller said stripping those votes would have flipped the result, while the group&#8217;s own exit post cited &#8220;no role for an independent service provider&#8221; when the largest budget recipient can influence its own approval.<\/span><\/p>\n<p><span>The departure follows BGD Labs, the team behind Aave&#8217;s V3 codebase, which also stepped away over strategic disagreements with Aave Labs, leaving two major contributors gone in quick succession.<\/span><\/p>\n<p><span>Despite the governance turmoil, lending and borrowing activity on the protocol continues to operate normally.<\/span><\/p>\n<p><span>Aave currently holds nearly $27 billion in total value locked across 20 blockchains, making it the dominant DeFi lending protocol by a wide margin, according to DeFiLlama <\/span><a href=\"https:\/\/defillama.com\/protocol\/aave\" target=\"_blank\" rel=\"nofollow external noopener\"><span>data<\/span><\/a><span>.<\/span><\/p>\n<p><span>AAVE, the protocol\u2019s governance token, is trading around $107, down about 0.7% over the past 24 hours and roughly 83.8% below its 2021 all-time high of $661, according to CoinGecko <a href=\"https:\/\/www.coingecko.com\/en\/coins\/aave\" target=\"_blank\">data<\/a>.<\/span><\/p>\n<p><span>Looking ahead, Dawson said the protocol\u2019s growth will depend on whether lending activity continues expanding.<\/span><\/p>\n<p><span>\u201cContinued growth on TVL is the main metric I&#8217;d look at,\u201d he said, adding that stability of rates without large deposits or withdrawals in the coming months will also be an important signal for the protocol\u2019s trajectory.<\/span><\/p>\n<div>\n<h3>Daily Debrief Newsletter<\/h3>\n<p>Start every day with the top news stories right now, plus original features, a podcast, videos and more.<\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>In brief Aave&#8217;s monthly active users hit an all-time high of ~155,000 in February, up roughly 100% in six months. [&hellip;]<\/p>","protected":false},"author":5,"featured_media":62918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-62916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/62916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=62916"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/62916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/62918"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=62916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=62916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=62916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}