Aave's deposit base sits at $50 billion, yet the protocol faces a significant headwind: borrowing volume has plummeted 70% since August. Here's the problem—Aave generates revenue through lending activity, not from idle deposits sitting on the platform. With institutional flows redirecting elsewhere, USDC borrowing rates cratered from 7.7% down to 4.5%, reflecting how competing platforms like Ethena and Maple have been capturing institutional demand. The consequence? Aave's token is down 35% year-to-date, a direct reflection of declining revenue relative to TVL. When borrowing demand weakens, so does the protocol's fee generation engine. The core issue isn't assets under management—it's the yield-generating activity fueling the ecosystem.