GM，這是Milk Road Pro - Crypto Alpha的“ Uber Eats”。

加密市場可能會遇到一些顛簸，但創新並沒有放慢速度，尤其是在AAVE中。

GM, this is Milk Road PRO – the ‘Uber Eats’ of crypto alpha.

GM，這是Milk Road Pro - Crypto Alpha的“ Uber Eats”。

(*Ding dong* your order has arrived!)

（* ding dong*您的訂單已經到了！）

The crypto market may have hit some bumps, but innovation hasn’t slowed down—especially at Aave.

加密市場可能會遇到一些顛簸，但創新並沒有放慢速度，尤其是在AAVE中。

As one of the leading DeFi projects, Aave has kept pushing forward, delivering major updates and developments last month.

作為領先的DEFI項目之一，AAVE一直在推動，上個月提供了重大更新和發展。

Source: The Defiant

資料來源：反抗

Here’s a roundup of the latest announcements:

這是最新公告的綜述：

A major proposal introduces a fee switch, new aTokens, and a tokenomics revamp—boosting value for token holders.

一項主要提案介紹了費用轉換，新的Atokens和Sokenomics Revamp，增強了令牌持有人的價值。

Yield-bearing stablecoins like $sUSDe and $sUSDS now exceed $11B, and Aave is launching a savings product to tap into this demand.

現在，少於$ susde和$ susds的承重穩定幣現在超過$ 11B，AAVE正在推出儲蓄產品以利用這一需求。

RWA tokenization is booming, with $5B in tokenized treasuries. Horizon, built on Aave, unlocks institutional borrowing and drives revenue back into the ecosystem.

RWA令牌化蓬勃發展，售價為$ 5B。 Horizo​​n建立在AAVE上，解鎖了機構借貸，並將收入恢復到生態系統中。

Combine all that with Aave’s stablecoin setting new records, and it’s clear why this is our next deep-dive candidate.

將所有這些與Aave的Stablecoin結合起來，創下新記錄，這很明顯為什麼這是我們的下一個深度差異候選人。

Source: Token Terminal

來源：令牌終端

Aave’s stablecoin, $GHO, has been gaining momentum this year. Despite a sluggish market, it recently crossed 210 million in circulating supply—proof of its growing demand.

Aave的Stablecoin（$ GHO）今年一直在增長勢頭。儘管市場遲鈍，但它最近跨越了2.1億美元的循環供應，其需求不斷增長。

What’s really going on here, and what does it mean for Aave holders?

這裡到底發生了什麼，這對Aave持有人意味著什麼？

We’re just as eager to find out. We’re diving deep into the latest developments—and bringing you all the insights.

我們同樣渴望找出答案。我們正在深入研究最新的發展，並為您帶來所有見解。

Here’s what we’re covering today:

這是我們今天涵蓋的內容：

How is Aave performing right now?

AAVE現在如何表現？

What impact will this new proposal have?

這個新提案會產生什麼影響？

Why is Aave launching a new savings product?

為什麼AAVE推出新的儲蓄產品？

Are institutions ready to embrace Aave?

機構是否準備好擁抱AAVE？

Will $AAVE repeat its 5x from 2024?

$ AAVE會從2024年重複其5倍嗎？

P.S. – We’re hosting our Monthly PRO Portfolio Update next week — scroll to the bottom for more info. 🥛

PS - 我們下週將託管我們的每月Pro投資組合更新 - 滾動到底部以獲取更多信息。 🥛

Let’s dive right in—there’s a lot to go over!

讓我們繼續前進 - 有很多事情要做！

P.P.S.: If you're not familiar with Aave, be sure to check out our first PRO report covering it— because we won’t be diving into the basics here.

pps：如果您不熟悉AAVE，請務必查看我們的第一個涵蓋它的專業報告 - 因為我們不會在這裡潛入基礎知識。

First, let’s set the stage with some context.

首先，讓我們在某些上下文中設置舞台。

AAVE TODAY

今天的艾滋病

Let’s start with a market update on Aave—covering its market share, stablecoins growth and financials.

讓我們從有關AAVE的市場更新開始，以覆蓋其市場份額，穩定的增長和財務狀況。

Most of us are familiar with Aave—it’s the #1 lending and borrowing protocol in crypto.

我們大多數人都熟悉AAVE，這是Crypto中排名第一的貸款和借款協議。

Want to earn yield on your assets? Use Aave.

想賺取您的資產收益嗎？使用AAVE。

Need to borrow stablecoins? Aave’s got you covered.

需要藉穩定嗎？ Aave讓您受寵若驚。

But is it really that simple for everyone in the market when choosing where to lend or borrow? Let’s take a closer look.

但是，在選擇在哪裡借或借貸時，市場上的每個人真的這麼簡單嗎？讓我們仔細看一下。

Source: Token Terminal

來源：令牌終端

Since 2024, Aave's market share has been on the rise, now hitting an impressive 67%.

自2024年以來，AAVE的市場份額一直在上升，現在達到了令人印象深刻的67％。

✅ Yes, people prefer Aave over many other platforms—and for good reason.

✅是的，人們更喜歡Aave而不是許多其他平台，這是有充分理由的。

Their product is solid, but it’s not necessarily unique. So, what’s driving their dominance?

他們的產品穩定，但不一定是獨一無二的。那麼，是什麼推動了他們的統治地位？

1️⃣ A big reason for Aave’s success is the strong brand and trust it has built over the years. After all, you wouldn’t lend your money somewhere risky if it meant losing sleep at night, right?

1️⃣艾夫（Aave）成功的一個重要原因是它多年來建立的強大品牌和信任。畢竟，如果這意味著在晚上失去睡眠，對嗎？

But that’s not the only factor.

但這不是唯一的因素。

2️⃣ Aave has rapidly expanded to new blockchains, securing its dominance.

2️⃣Aave已迅速擴展到新的區塊鏈，確保其統治地位。

Here’s how Aave’s user base is distributed across different chains.

這是AAVE的用戶群在不同鏈中分佈的方式。

Source: Token Terminal

來源：令牌終端

Aave has over 10,000 active wallets each month, spread across five major blockchains.

AAVE每月有10,000多個活動錢包，分佈在五個主要區塊鏈中。

But here, we’re zooming in on a smaller slice of that group: the 20–30% who actually borrow through Aave. Most users are just lending their crypto, not borrowing it.

但是在這裡，我們正在放大該組的較小切片：實際上是通過AAVE借來的20–30％的人。大多數用戶只是藉出加密貨幣而不是藉用加密貨幣。

👉 Don’t worry—we’ll explain later why borrowers are the ones to watch, and why this metric matters more than just looking at lenders.

👉不用擔心 - 我們稍後會解釋為什麼借款人是要觀看的借款人，以及為什麼該指標不僅要看貸方還重要。

Now, back to the chart…

現在，回到圖表…

The message is pretty clear: when Base launched 1.5 years ago, they didn’t wait around.

消息非常明確：1.5年前推出基地時，他們沒有等待。

They moved fast to claim their spot and made sure rivals didn’t get a foothold.

他們迅速行動以聲稱自己的位置，並確保競爭對手不會立足。

And so far? That aggressive approach seems to be working.

到目前為止？這種積極的方法似乎在起作用。

That kind of growth doesn’t come without a price however.

但是，這種增長並非沒有價格。

Aave is still handing out rewards to encourage specific actions—like providing $AAVE liquidity or staking $AAVE to help secure the protocol. You can see exactly how much that costs in the chart, right alongside the revenue it’s generating.

AAVE仍在分發獎勵以鼓勵特定的行動 - 例如提供$ AAVE流動性或Stage $ AAVE來幫助確保該協議。您可以準確地看到圖表中的費用，以及它產生的收入。

Source: Token Terminal

來源：令牌終端

Aave is still offering incentives worth millions of dollars per month. However, the key point here is that its

AAVE仍在提供價值數百萬美元的激勵措施。但是，這裡的要點是