Aave (AAVE) Has $50B in Deposits, but Borrowing Is Down 70% – What’s Going On?

Aave (AAVE) still looks big on paper. The protocol holds close to $50 billion in deposits, which usually signals strength.  But under the surface, something has changed. Since August, borrowing volume on Aave has dropped by around 70%, and that gap explains why the AAVE token is down about 35% year to date. The issue