First we saw MEV bots racing to be counterparty to Aave lenders (telling us Aave lenders are possibly getting a bad deal).
Then we saw brief Aave interest rate spikes due to a lack of lenders (maybe we are running out of lenders willing to accept this bad deal on Aave?)
Now we have sustained utilization for USDC and USDT on Aave. Lenders seem completely unwilling to step in and Ethena caps sit unfilled. It’s getting quite clear that Aave v3 has hit scaling limits.
Once in a blue moon there comes a time where @aave caps for PTs are not fully filled.
Today there is a blue moon.
Pendle Aave Ethena
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