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

加密市场可能会遇到一些颠簸，但创新并没有放慢速度，尤其是在AAVE中。

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

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

(*Ding dong* your order has arrived!)

（* ding dong*您的订单已经到了！）

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

加密市场可能会遇到一些颠簸，但创新并没有放慢速度，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.

作为领先的DEFI项目之一，AAVE一直在推动，上个月提供了重大更新和发展。

Source: The Defiant

资料来源：反抗

Here’s a roundup of the latest announcements:

这是最新公告的综述：

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

一项主要提案介绍了费用转换，新的Atokens和Sokenomics Revamp，增强了令牌持有人的价值。

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

现在，少于$ susde和$ susds的承重稳定币现在超过$ 11B，AAVE正在推出储蓄产品以利用这一需求。

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

RWA令牌化蓬勃发展，售价为$ 5B。 Horizo​​n建立在AAVE上，解锁了机构借贷，并将收入恢复到生态系统中。

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

将所有这些与Aave的Stablecoin结合起来，创下新记录，这很明显为什么这是我们的下一个深度差异候选人。

Source: Token Terminal

来源：令牌终端

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）今年一直在增长势头。尽管市场迟钝，但它最近跨越了2.1亿美元的循环供应，其需求不断增长。

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

这里到底发生了什么，这对Aave持有人意味着什么？

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

我们同样渴望找出答案。我们正在深入研究最新的发展，并为您带来所有见解。

Here’s what we’re covering today:

这是我们今天涵盖的内容：

How is Aave performing right now?

AAVE现在如何表现？

What impact will this new proposal have?

这个新提案会产生什么影响？

Why is Aave launching a new savings product?

为什么AAVE推出新的储蓄产品？

Are institutions ready to embrace Aave?

机构是否准备好拥抱AAVE？

Will $AAVE repeat its 5x from 2024?

$ AAVE会从2024年重复其5倍吗？

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

PS - 我们下周将托管我们的每月Pro投资组合更新 - 滚动到底部以获取更多信息。 🥛

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

让我们继续前进 - 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，请务必查看我们的第一个涵盖它的专业报告 - 因为我们不会在这里潜入基础知识。

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

首先，让我们在某些上下文中设置舞台。

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.

让我们从有关AAVE的市场更新开始，以覆盖其市场份额，稳定的增长和财务状况。

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

我们大多数人都熟悉AAVE，这是Crypto中排名第一的贷款和借款协议。

Want to earn yield on your assets? Use Aave.

想赚取您的资产收益吗？使用AAVE。

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

需要借稳定吗？ Aave让您受宠若惊。

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，在选择在哪里借或借贷时，市场上的每个人真的这么简单吗？让我们仔细看一下。

Source: Token Terminal

来源：令牌终端

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

自2024年以来，AAVE的市场份额一直在上升，现在达到了令人印象深刻的67％。

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

✅是的，人们更喜欢Aave而不是许多其他平台，这是有充分理由的。

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

他们的产品稳定，但不一定是独一无二的。那么，是什么推动了他们的统治地位？

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）成功的一个重要原因是它多年来建立的强大品牌和信任。毕竟，如果这意味着在晚上失去睡眠，对吗？

But that’s not the only factor.

但这不是唯一的因素。

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

2️⃣Aave已迅速扩展到新的区块链，确保其统治地位。

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

这是AAVE的用户群在不同链中分布的方式。

Source: Token Terminal

来源：令牌终端

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

AAVE每月有10,000多个活动钱包，分布在五个主要区块链中。

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.

但是在这里，我们正在放大该组的较小切片：实际上是通过AAVE借来的20–30％的人。大多数用户只是借出加密货币而不是借用加密货币。

👉 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.

👉不用担心 - 我们稍后会解释为什么借款人是要观看的借款人，以及为什么该指标不仅要看贷方还重要。

Now, back to the chart…

现在，回到图表…

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

消息非常明确：1.5年前推出基地时，他们没有等待。

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

他们迅速行动以声称自己的位置，并确保竞争对手不会立足。

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

到目前为止？这种积极的方法似乎在起作用。

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

但是，这种增长并非没有价格。

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仍在分发奖励以鼓励特定的行动 - 例如提供$ AAVE流动性或Stage $ AAVE来帮助确保该协议。您可以准确地看到图表中的费用，以及它产生的收入。

Source: Token Terminal

来源：令牌终端

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

AAVE仍在提供价值数百万美元的激励措施。但是，这里的要点是