AAVE 在去中心化金融领域获得了资本份额,但其价格却停滞不前——究竟缺少了什么?

AAVE has captured 5% of the stablecoin supply, outperforming all CeFi lenders combined, and has maintained a 60-80% share of the DeFi lending sector for 2.5 years. Despite this growth, AAVE's price has stalled between $248 and $284 due to declining liquidity. Deposits in USDC are high, but borrowing is dominated by USDe and USDT, indicating a shift in demand for stablecoins. AAVE's revenue remains strong, projected at nearly $100 million annually, but user activity is lower compared to other DeFi protocols.

AAVE 已经占据了 5% 的稳定币供应量,表现超过所有集中金融(CeFi)贷款机构的总和,并在过去 2.5 年中保持了 60-80% 的去中心化金融(DeFi)贷款市场份额。尽管如此,AAVE 的价格在 248 美元到 284 美元之间停滞不前,原因是流动性下降。USDC 的存款量很高,但借款主要由 USDe 和 USDT 主导,这表明稳定币需求发生了变化。AAVE 的收入仍然强劲,预计每年接近 1 亿美元,但用户活动相比其他 DeFi 协议较低

  • AAVE by itself held 5% of the stablecoin supply, surpassing all CeFi lenders combined.

  • AAVE 本身持有 5% 的稳定币供应量,超过所有中心化金融借贷平台的总和。

  • AAVE has had 2.5 years of continually keeping 60 to 80% of the whole lending sector proportion.

  • AAVE 在过去 2.5 年中持续保持 60% 到 80% 的整个借贷市场份额。

DeFi might finally be outgrowing its underdog status.

去中心化金融(DeFi)可能终于摆脱了其弱势地位。

This is mainly due to streamlining that came after the SEC’s DeFi roundtable in the second quarter of this year. Aave [AAVE] was among the beneficiaries of the SEC’s action.

这主要得益于今年第二季度美国证券交易委员会(SEC)举行的 DeFi 圆桌会议后所带来的简化措施。Aave [AAVE] 是 SEC 行动的受益者之一。

With this in action, AAVE grew in circulating stablecoins, surging from 3% in January to over 5% in July 2025 as per analyst Leon Waidmann. This steady growth meant that there was growing interest in DeFi and trust in the lending model.

在这一行动下,AAVE 的流通稳定币增长,从 1 月份的 3% 飙升至 2025 年 7 月的超过 5%,根据分析师 Leon Waidmann 的说法。这一稳定增长意味着对 DeFi 的兴趣和对借贷模型的信任在增加。

That sharp growth not only signals growing trust in decentralized lending models but also reveals a wider shift in how users—retail and institutional—are parking capital.

这种快速增长不仅表明对去中心化借贷模型的信任在增强,还揭示了用户(包括零售和机构)在资本配置上的更广泛转变。

Deposits and borrowing patterns show divergence in demand

存款和借贷模式显示需求的分歧

The volume of deposits on AAVE showed that USDC was the most used, with a deposit volume of $669 million. WETH (Wrapped ETH) followed with a deposit volume of $180.3 million.

AAVE 的存款量显示,USDC 是使用最广泛的,存款量为 6.69 亿美元。WETH(Wrapped ETH)紧随其后,存款量为 1.803 亿美元。

In contrast, borrowing activity was dominated by USDe and USDT, at $604.5 million and $282.7 million, respectively.

相比之下,借贷活动则主要由 USDe 和 USDT 主导,分别为 6.045 亿美元和 2.827 亿美元。

Interestingly, USDC was deposited in large numbers, but it was borrowed less, at $87.4 million. USDe, however, reversed the case with higher borrowing but low deposits.

有趣的是,USDC 的存款量很大,但借贷量较少,仅为 8740 万美元。然而,USDe 则相反,借贷量较高但存款量较低。

Such a disbalance indicated a transition in the demand for borrowing more stablecoins.

这种不平衡表明对借入更多稳定币的需求正在转变。

From a revenue standpoint, AAVE continued to dominate the DeFi lending sector. Since January 2023, its share of total lending revenue has remained between 60% and 80%, based on Dune data.

从收入的角度来看,AAVE 继续主导 DeFi 借贷市场。根据 Dune 的数据,自 2023 年 1 月以来,其总借贷收入的份额一直保持在 60% 到 80% 之间。

Source(来源): Dune Analytics

In June 2025, that figure stood above 50%, translating to a projected annualized revenue nearing $100 million.

到 2025 年 6 月,该数字超过 50%,预计年化收入接近 1 亿美元。

AAVE also continued to be in its persistent activity with 1.46k active addresses and 179k holders as per IntoTheBlock.

根据 IntoTheBlock 的数据,AAVE 的活跃地址数量持续保持在 1460 个,持有者为 17.9 万个。

However, the most active addresses and general holders of DeFi tokens were the most active, with DAI ranking first, then closely followed by Uniswap.

然而,DeFi 代币中最活跃的地址和持有者是 DAI,紧随其后的是 Uniswap。

Source(来源): IntoTheBlock

This indicates that while AAVE may be leading on capital metrics, other DeFi protocols maintain stronger day-to-day user activity.

这表明,尽管 AAVE 在资本指标上领先,但其他 DeFi 协议在日常用户活动上保持更强的活跃度。

Price stalls as liquidity crunches

价格停滞,流动性紧缩

Coinalyze’s 2-hour chart showed that AAVE’s price fluctuated between $248 and $284, with the most recent rebound failing to cross previous highs.

Coinalyze 的 2 小时图表显示,AAVE 的价格在 248 美元和 284 美元之间波动,最近的反弹未能突破之前的高点。

Over the last two days, liquidity in the order books declined, adding to the sideways action.

在过去两天中,订单簿中的流动性下降,进一步加剧了横盘走势。

Source(来源): Coinalyze

Between the 24th of June and the 1st of July, Long and Short Liquidations spiked without sustained direction. The price eventually settled within a tighter band of $260–$270, though momentum weakened.

在 6 月 24 日至 7 月 1 日期间,做多和做空的强制平仓激增,但没有持续的方向。价格最终在 260 美元至 270 美元的更窄区间内稳定,尽管动能减弱。

As long as the price fails to break either above the level of $284 or below the level of $260 then AAVE will stagnate in the range with deteriorating momentum.

只要价格未能突破 284 美元以上或 260 美元以下,AAVE 将会在这个区间内停滞,动能进一步恶化。

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