L’empire de prêt de 25 milliards de dollars d’Aave est confronté à un véritable test alors que les principaux contributeurs quittent
Burns Brief
Aave commande les prêts DeFi, DefiLlama montrant 24 $. Les acteurs du marché évaluent soigneusement les implications, le résultat dépendant probablement des conditions macroéconomiques et du volume plus larges. Surveillez $ETH $AAVE pour connaître votre réaction : un mouvement décisif au-dessus ou en dessous des niveaux clés confirmera la prochaine tendance.
Aave commands DeFi lending, with DefiLlama showing $24.51 billion in total value locked and $17.526 billion in borrowed funds. The margin against Morpho, its closest rival, is roughly 4.1 times. Spark, the third-largest competitor, sits at $967.52 million in borrowed funds. Aave ended 2025 with 61.5% active loan market share and 52.4% lending TVL share, according to its own accounting. Over less than two months, three of the most visible independent contributor teams tied to Aave's code, governance, and risk management either announced departures or began winding down. BGD Labs said on Feb. 20 it would cease contributing because “the environment no longer aligns,” with off-boarding beginning by Apr. 1. ACI said on Mar. 3 it would not renew and would wind down over four months. Chaos Labs said on Apr. 6 it was ending its engagement on its own terms, having managed risk across Aave V2 and V3 since November 2022. Aave's governance documents describe an operating chain in which ACI handled growth, Chaos Labs handled risk, and BGD handled technical and security verification. LlamaRisk and the Protocol Guardian serve as risk guardians. ACI itself wrote that every major initiative required the full service-provider chain. Three exits in sequence form a pattern that hits the protocol's documented operating model at the same juncture. Why this matters Aave is still the category leader, so this is not a niche governance dispute. If the protocol can absorb these exits without another operational failure, its dominance looks durable. If it cannot, rivals such as Morpho and Spark gain a real opening at the exact moment Aave is expanding its surface area through V4, GHO and new products. Aave's $17.53 billion in borrowed funds dwarfs Morpho's $4.29 billion and Spark's $968 million, according to DefiLlama data. A configuration error made the governance fight real On Mar. 10, a CAPO oracle misconfiguration pushed the effective wstETH exchange rate roughly 2.85% below market . That
Key Takeaways
- Aave commands DeFi lending, with DefiLlama showing $24
- The margin against Morpho, its closest rival, is roughly 4
- 4% lending TVL share, according to its own accounting
- Over less than two months, three of the most visible independent contributor teams tied to Aave's code, governance, and risk management either announced departures or began winding down
- 20 it would cease contributing because “the environment no longer aligns,” with off-boarding beginning by Apr